Frequently Asked Questions
Real Estate Appraisers
An appraiser inspects real property (land and/or
structures) to estimate an accurate value and verify the
condition of the property and its improvements. An
appraiser must have in-depth knowledge of building
techniques, geography, finance, and economics to arrive at
a representative value of the appraised property. In order
to secure a bank loan, the property must have an appraisal
by a licensed appraiser.
Becoming a certified appraiser involves several steps. The
first step is to complete the 75 hour trainee course which
consists of 30 hours of Appraisal Principles, 30 hours of
Appraisal Practice, and 15 hours of Uniform Standards of
Professional Appraisal Practice, or USPAP. Once you
complete these hours you must be sponsored by a certified
appraiser as a trainee for a minimum of 2 years. During
this time you must complete a minimum of 250 appraisals.
Once you have completed the trainee program, you must
complete an additional 125 education hours and pass the
state exam. To be fully certified you must also have a 2
year associate's degree from a university, or 21 college
hours in the following subjects: English Composition,
Principles of Economics, Finance, Algebra, Geormetry (or
higher math), Statistics, Introduction to Computers, and
Business or Real Estate Law.
NOTE: Beginning in January 2015 you will be required to have a 4 year college degree to become an appraiser. You must complete your trainee requirements before that time if you do not have a 4 year degree.
NOTE: Beginning in January 2015 you will be required to have a 4 year college degree to become an appraiser. You must complete your trainee requirements before that time if you do not have a 4 year degree.
To be an appraiser trainee you must be at least 18 years of
age and have a high school diploma or a GED. To be fully
certified you must also have a 2 year associate's degree
from a university, or 21 college hours in the following
subjects: English Composition, Principles of Economics,
Finance, Algebra, Geormetry (or higher math), Statistics,
Introduction to Computers, and Business or Real Estate
Law.
NOTE: Beginning in January 2015 you will be required to have a 4 year college degree to become an appraiser. You must complete your trainee requirements before that time if you do not have a 4 year degree.
NOTE: Beginning in January 2015 you will be required to have a 4 year college degree to become an appraiser. You must complete your trainee requirements before that time if you do not have a 4 year degree.
Appraisers often work for themselves, but also work for
mortgage firms, real estate brokers, lenders, corporations,
and government agencies. Anyone investing in real estate
needs accurate and concise information describing the
property, its condition, and its value.
Real estate appraisal is an excellent additional skill for real estate salespeople, brokers, home inspectors, or other professionals who deal in the real estate industry.
Real estate appraisal is an excellent additional skill for real estate salespeople, brokers, home inspectors, or other professionals who deal in the real estate industry.
The real estate industry supplies a primary need via its
residential and commercial markets, and appraisers are
there every step of the way. Since real estate appraisers
are involved in a primary market, their demand is constant
and always increasing in the marketplace. By becoming a
state certified appraiser, you will have tremendous
opportunities for growth.
If you work as an employee, you will incur little or no
cost. If you choose to start you own company, then your
total cost will be more significant. However, even if you
prefer to start your own company, the costs associated with
establishing a service firm will be substantially less than
in many other industries.
Absolutely. The training for becoming a home inspector will
make the appraiser a much better property inspector. The
property's value (appraiser's function) is directly
dependent on the property's condition (home inspector's
job). These professions complement each other nicely.
Last modified: Thursday, November 16, 2017, 10:28 AM