A real estate appraiser is a professional who evaluates the value of real estate properties for various purposes, such as buying, selling, lending, insuring, or taxing. A real estate appraiser can work in different sectors, such as residential, commercial, or industrial. A real estate appraiser can also specialize in different types of properties, such as single-family homes, multi-family homes, condominiums, office buildings, retail spaces, or warehouses.
A real estate appraiser’s job involves researching the market data, inspecting the physical condition, analyzing the features and amenities, and comparing the similar properties of the subject property. A real estate appraiser then prepares a written report that summarizes the findings and conclusions of the appraisal. A real estate appraiser’s report can influence the decisions and outcomes of various parties involved in the real estate transaction, such as buyers, sellers, lenders, insurers, or tax authorities.
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Why Become a Real Estate Appraiser?
Becoming a real estate appraiser can be a rewarding and lucrative career choice for many reasons. Some of the benefits of becoming a real estate appraiser are:
- Income: According to the U.S. Bureau of Labor Statistics (BLS), the median annual wage for real estate appraisers and assessors was $59,010 in 2020. The top 10% earned more than $105,810. The income of real estate appraisers can vary depending on the location, experience, education, certification, and specialization of the appraiser.
- Flexibility: Real estate appraisers can enjoy a flexible work schedule and environment. Real estate appraisers can work full-time or part-time, depending on their availability and demand. Real estate appraisers can also work independently or for an employer, such as a government agency, a real estate company, or an appraisal firm. Real estate appraisers can also choose their own clients and projects, as long as they comply with the ethical and professional standards of the industry.
- Variety: Real estate appraisers can experience a variety of tasks and challenges in their work. Real estate appraisers can deal with different types of properties and markets, which require different methods and techniques of appraisal. Real estate appraisers can also interact with different people and professionals, such as owners, agents, lenders, inspectors, or lawyers. Real estate appraisers can also learn new skills and knowledge as they advance in their career.
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How to Become a Real Estate Appraiser?
The process of becoming a real estate appraiser involves meeting the education, experience, examination, and licensing requirements set by the state where the appraiser intends to practice. The specific requirements may vary from state to state, but they generally follow the minimum criteria established by the Appraisal Qualifications Board (AQB) of The Appraisal Foundation. The AQB is a non-profit organization that sets the national standards for real estate appraisal qualifications and practices.
According to the AQB’s current criteria, there are four levels of real estate appraisal credentials: Licensed Residential Appraiser, Certified Residential Appraiser, Certified General Appraiser, and Trainee Appraiser. Each level has different requirements for education, experience, examination, and scope of practice. Here are the general steps to become a real estate appraiser at each level:
- Trainee Appraiser: This is the entry-level credential that allows a person to gain experience under the supervision of a certified appraiser. To become a trainee appraiser, a person must:
- Complete 75 hours of approved qualifying education courses, including 15 hours of Uniform Standards of Professional Appraisal Practice (USPAP).
- Register with the state appraisal board as a trainee.
- Find a certified appraiser who is willing to be their supervisor and mentor.
- Complete at least 1, 000 hours of supervised experience within 6 months to 1 year.
- Licensed Residential Appraiser: This is the first-level credential that allows a person to appraise non-complex one-to-four residential units with a transaction value up to $1 million and complex one-to-four residential units with a transaction value up to $250,
- To become a licensed residential appraiser, a person must: – Complete 150 hours of approved qualifying education courses, including 15 hours of USPAP. – Hold an associate’s degree or higher from an accredited college or university, or complete 30 semester hours of college-level courses in specific subjects. – Complete at least 1, 000 hours of supervised experience within 6 months to 1 year. – Pass the National Uniform Licensing Examination administered by the state appraisal board or a third-party testing service. – Apply for the license with the state appraisal board and pay the required fees.
- Certified Residential Appraiser: This is the second-level credential that allows a person to appraise one-to-four residential units without regard to complexity or transaction value. To become a certified residential appraiser, a person must:
- Complete 200 hours of approved qualifying education courses, including 15 hours of USPAP.
- Hold a bachelor’s degree or higher from an accredited college or university, or complete 30 semester hours of college-level courses in specific subjects.
- Complete at least 1, 500 hours of supervised experience within 12 months to 2.5 years.
- Pass the National Uniform Certification Examination administered by the state appraisal board or a third-party testing service.
- Apply for the certification with the state appraisal board and pay the required fees.
- Certified General Appraiser: This is the highest-level credential that allows a person to appraise all types of real estate properties without regard to complexity or transaction value. To become a certified general appraiser, a person must:
- Complete 300 hours of approved qualifying education courses, including 15 hours of USPAP.
- Hold a bachelor’s degree or higher from an accredited college or university.
- Complete at least 3, 000 hours of supervised experience within 18 months to 3 years, of which at least 1, 500 hours must be in non-residential properties.
- Pass the National Uniform Certification Examination administered by the state appraisal board or a third-party testing service.
- Apply for the certification with the state appraisal board and pay the required fees.
Conclusion
A real estate appraiser is a professional who evaluates the value of real estate properties for various purposes, such as buying, selling, lending, insuring, or taxing. A real estate appraiser can work in different sectors, such as residential, commercial, or industrial. A real estate appraiser can also specialize in different types of properties, such as single-family homes, multi-family homes, condominiums, office buildings, retail spaces, or warehouses.
Becoming a real estate appraiser can be a rewarding and lucrative career choice for many reasons. Some of the benefits of becoming a real estate appraiser are income, flexibility, and variety. However, becoming a real estate appraiser also involves meeting the education, experience, examination, and licensing requirements set by the state where the appraiser intends to practice. The specific requirements may vary from state to state, but they generally follow the minimum criteria established by the Appraisal Qualifications Board (AQB) of The Appraisal Foundation.
According to the AQB’s current criteria, there are four levels of real estate appraisal credentials: Licensed Residential Appraiser, Certified Residential Appraiser, Certified General Appraiser, and Trainee Appraiser. Each level has different requirements for education, experience, examination, and scope of practice. To become a real estate appraiser at each level, a person must complete the general steps outlined in this article.
