How to Become a Real Estate Appraiser
A real estate appraiser will value a home or property. This valuation is called as the appraisal. If you wonder how your house gets its price tag, an appraisal is the major part of the pricing process.
1. Get a Trainee License by Completing Coursework
You must become a real estate appraisal trainee first of all, which means you must qualify for specific coursework that provides all the basics knowledge in real estate appraisal. The Appraiser Qualifications Board(AQB) will set national course requirements, this will differ for some states. A trainee appraiser is the first stage in all the states.
To become an appraisal trainee, the AQB sets you the criteria which include the completion of 75 credit hours of educational content from an expert.
Basic Appraisal Principles (30 hours): This course introduces aspiring appraisers to basic real property concepts, appraisal ethics, legal considerations, real estate finance, and economic principles.
Basic Appraisal Procedures (30 hours): This course will clearly depict students about the actual valuation process, including the three traditional approaches to value which are the cost approach, sales comparison approach, and an income approach.
National Uniform Standards of Professional Appraisal Practice (USPAP) (15 hours): It offers a 15-hour course for ethical behavior and competent performance.
The states will require the 15-hour USPAP trainee class and the subjects related to their states. Know more about your state requirements by visiting the license board website.
2. Complete Appraiser Fieldwork Experience Hours
Once you’ve become an appraisal trainee, start working under a licensed real estate appraiser. Complete 1000-2500 hours of supervised work within 6 months.
Trainee appraisers can also get jobs at residential appraisal firms and banks. These organizations will have huge requirements for estate appraisal services, although getting a position as a real estate appraisal trainee can be challenging. Ensure that you work under a certified appraiser and keep track of the hours you work.
3. Pass Your State’s Appraiser Licensing Exam
Once you’ve fulfilled your state’s required hours of work experience, register for the real estate appraiser exam. The Licensed Residential exam will be set with 110 questions and must be completed within a four-hour period. Your exam pattern will depend on your state and location and it may be administered via one of these appraisers licensing exam providers,
Applied Measurement Professionals
Search each website to find the real estate appraiser exam schedule in your area. You must pay the exam fee at the time of registration, which varies depending on your state. If you’re ready for the exam make sure you take two forms of government-issued identification.
4. Submit Your Appraiser License Application
If you’ve completed your exam and work experience then submit a license application to your state board of real estate appraisers.
Once your license is approved, start working as a real estate appraiser with limitations on what types of property you can appraise. As a beginner, you can only appraise non-complex, one- to four-unit residential properties worth less than $1 million.
5. Find Work as a Licensed Real Estate Appraiser
To get work as a real estate appraiser, search job sites. In the first few years, you have to work for a bank or private appraisal company.
6. Upgrade Your License
After working as a licensed residential appraiser for a few years, you must upgrade your license. There are two types of real estate appraiser license upgrades: Certified Residential Appraiser and Certified General Appraiser.
Certified residential appraisers can appraise larger, more valuable residential properties, whereas certified general appraisers can appraise all types of real property.