WHAT DOES A REAL ESTATE APPRAISER DO?
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.
HOW LONG DOES IT TAKE TO BECOME AN 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.
DO I NEED PRIOR EDUCATION?
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.
WHERE DOES AN APPRAISER WORK?
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.
IS THERE A DEMAND FOR REAL ESTATE APPRAISERS?
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.
HOW MUCH DOES IT COST TO GET STARTED IN THE INDUSTRY?
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.
CAN APPRAISERS BE HOME INSPECTORS?
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.