Appraisal Education by State
How to Become an Appraiser
To begin an appraisal career, you generally start as a trainee appraiser (or other title in certain states). To become registerered as a trainee, you need to take appraisal courses as required by your state. To next become a licensed or certified real property appraiser, you will need to obtain education and experience, and pass a state-administered licensing or certification exam.
Function of an Appraiser
An appraisal is a professional appraiser's opinion of value. Appraisals may be required for any type of property, including single-family homes, apartment buildings and condominiums, office buildings, shopping centers, industrial sites, and farms. The reasons for performing a real property appraisal is usually required whenever real property is sold or mortgaged, but it may also be needed when proprty is taxed, insured, or developed. A real estate appraiser is hired by the mortgage company to determine the fair market value of a home that someone is buying.
Appraisal Career Outlook
The average income for appraisers and assessors in the United States was over $53,000 in 2009 according to the Bureau of Labor Statistics. The number of real estate appraiser jobs, about 93,000 employed as of 2008, is expected to increase nationwide over the next decade.
Requirements for an Appraisal License
All states require appraisers to be state licensed or certified in order to provide appraisals to federally regulated lenders. Some states require appraisers to be licensed or certified to provide appraisals for other parties as well. To become licensed or certified, you must pass an examination that is administered by your state's appraisal board. The requirements for each state vary, view the Requirements tab for detailed information.
Different Categories of Real Estate Appraisers
The Appraiser Qualifications Board (AQB) of The Appraisal Foundation is authorized by Congress to establish the minimum requirements for Certified General Real Property Appraiser and Certified Residential Real Property Appraiser classifications, and the AQB provides recommended minimum requirements for the Licensed Real Property Appraiser and Trainee classifications. Descriptions for the four categories can be found below (more information can be found on The Appraisal Foundation website):
Appraiser Trainee (some states use the names Registered Appraiser, Limited Appraiser or Assistant Trainer) *
Educaton required. NO experience required
Someone who is qualified to appraise those properties, which the supervising certified appraiser is qualified to appraise. In many states, those w ho work toward their appraiser experience requirements for licensure or certification are classified as a “trainee.” Training programs vary by state but usually require a minimum 75 hours of specified appraisal education before one can apply for a trainee position. The number of additional courses trainees must take depends on the state requirements and the kind of license they wish to obtain. The courses usually include 30 hours of principles, 30 hours of procedures and 15 hours of USPAP.
Licensed Real Property Appraiser: Someone who is qualified to appraise non-complex one to four units having a transaction value less than $1,000,000 and complex one to four residential units having a transaction value less than $250,000. This classification does not include the appraisal of subdivisions.*
Certified Residential Real Property Appraiser: Someone who is qualified to appraise one to four residential units without regard to value or complexity. This classification does not include the appraisal of subdivisions. To be a state certified residential appraiser qualified to do appraisals for federally related transactions, a state must have requirements that meet or exceed this minimum standard.
Certified General Real Property Appraiser: Someone who is qualified to appraise all types of real property. To be a state certified general appraiser qualified to do appraisals for federally related transactions, a state must have requirements that meet or exceed this minimum standard.
* For trainee and licensed classifications, this is an AQB recommendation only. States are not required to utilize this guidance. Some states may have trainee or license programs that have very different requirements.