- Real estate appraisers assess the value of a property for a variety of purposes. The can work for government agencies, performing assessments for tax purposes or government land purchases, they can be retained by attorneys or a court to value property in the case of land disputes or estate valuation, and they can work for banks in valuing property in connection with mortgages and refinancings.
Step 1: What Does a Real Estate Appraiser Do?
Real estate appraisers work both in an office and in the field, doing a variety of tasks in order to issue their property valuations.
- Real estate appraisers collect and analyze data from numerous sources,including blue prints, public records, and economic data.
- Appraisers must invest time to stay current on government regulations, zoning laws and professional standards
- A good appraiser understand constructions and is familiar with building materials and trends.
- A real estate appraiser needs to have a solid knowledge of the local real estate marketplace and the trends affecting it.
- While in the field, the inspector needs to be a good communicator who can listen and ask questions, have an eye for detail, and be able to take clear photographs of the property.
Step 2: College Preparation
Although a college degree is not required to become a real estate appraiser, it can be helpful. Courses in liberal arts, economics, finance, architecture, law or engineering can all serve as a good foundation if you are pursuing a career as a real estate appraiser.
Step 3: Real Estate Appraiser Licensing
States are free to set their own requirements for getting a real estate appraisal license, but they must meet the minimum standards set forth by the Appraisal Institute, the national certifying board for real estate appraisers. The education hours required to be certified at each level are:
- Appraiser Trainee -75 hours of approved courses
- Licensed Residential Real Property Appraiser-150 hours of approved courses
- Certified Residential Real Property Appraiser – 200 hours of approved courses
- Certified General Real Property Appraiser- 300 hours of approved courses