Illinois State Appraisal License Report
As of June 30, 2013, the number of active real estate appraisers in the U.S. stood at 82,250. According to a June 2013 sudy by the Appraisal Institute the number of appraisers decreased at an average rate of 3.0 percent per year over the past five years. As shown in the following data released from the Illinois Department of Financial and Professional Regulation (IDFPR) Illinois is no exception to the national trend:
As illustrated Illinois lost 519 (10.89%) licensed or certified appraisers over the last two-year renewal period. Data suggest that this rate of decrease could rise sharply over the next 5 to 10 years due to increased retirements, reduced numbers of new people entering the appraisal profession, economic factors, and greater use of data analysis technologies.
Uniform State Certification Examination
In 2008 the Appraiser Qualifications Board (AQB) began offerering its Uniform State Certification Examination. The authority for the AQB to set standards and approve examination content was established by Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. Below are the latest pass/fail statistics for Illinois of the Uniform State Certification Examination:
The Associate, Certified Residential and Certified General examinations are based upon 14 major content areas. Although the topics of the major content areas are the same for all three examinations, the emphasis devoted to the content areas differs in each examination. In Illinois Certified General Appraisers had the highest pass/fail ratio of 64% (on average), followed by the Certified Residential Appraisers (58%) and the Associate Real Estate Trainee Appraisers has the lowest pass/fail ratio at 52%:
The Associate Exam is composed of 100 questions plus five unscored pretest questions. The Certified Residential and the Certified General are composed of 150 questions. In addition to the number of questions that are used to determine your score, the examinations may contain up to 15 questions that are being pretested for future versions of the examination.
Posted on November 29, 2013, in ICAP In The News, Number of Illinois appraisers and tagged Illinois Coalition of Appraisal Professionals, Illinois License Law. Bookmark the permalink. Leave a comment.