The following information will give you a brief overview of the appraisal profession and hopefully answer the basic questions.
What is an appraiser?
An appraiser is one who develops and reports an opinion of value on a specific type of property. Appraisers may opt to specialize in various disciplines such as:
- Real Property appraisal, which is the valuation of real estate. Real Property appraisers can choose specialties to practice within such as residential, commercial and agricultural.
- Personal Property appraisal, which encompasses all types of personal property such as finse and decorative arts, antiques, gems and jewelry and machinery and equipment.
- Business Valuation which is the valuing of businesses including all tangible and intangible assets ranging from the value of the equipment to the value of the business name or logo
- Mass Appraisal which encompasses techniques that are used when valuing multiple types of real property or personal property using general recognized formulas.
While most appraisers choose to specialize in just one area of practice, many appraisers practice in more than one discipline.
What skills are required to become an appraiser?
All appraisers must have good analytical skills and work well with numbers. In addition, appraisers spend much time interacting with clients and writing reports, so good communications skills are a must.
Does the federal government regulate appraisers?
Currently, the government regulates only real property appraisers. The power of regulation currently rests with the individual states and territories that issue licenses and certificates to real property appraisers. In addition, each individual State Real Property Appraisal Board is responsible for disciplining appraisers.
At this time, there are no immediate plans for the regulation of appraisers who specialize in other forms of property.
How do I become an appraiser?
The process of becoming an appraiser differs according to the various appraisal disciplines. Most appraisers are required to have a certain number of hours of education and experience. In addition, if an appraiser wishes to become state licensed or certified in real property or if an appraiser wishes to become designated by an appraisal organization, they must also pass a comprehensive examination.
The Appraiser Qualifications Board (AQB) of The Appraisal Foundation recommends the following minimum criteria for state licensed/certified real property appraisers:
| Experience Required | Education Required | Exam Required |
| Licensed Residential 2,000 hrs | 90 hrs | Yes |
| Certified Residential 2,500 hrs | 120 hrs | Yes |
| Certified General 3,000 hrs | 180 hrs | Yes |
Please note that the criteria above is a recommended minimum and that the individual states may decide to increase this criteria as they see fit. For specific questions about the requirements in your state, you will need to contact your state appraisal board. Click on the following link to get state specific information:
Appraisal Foundation State Directory
What challenges should I expect.
Beginning in real estate appraisal is no different than any other profession. The first couple of years you have to gain experience and learn the fundamentals. The key is you must be a self starter. Most appraisers either are a one man business, work for small appraisal companies or are employed by mortgage and banking organizations. The unspoken truth is that the appraisal industry is an aging industry and the demand for new blood will steadily increase in the coming years.
Does your school have the ability to locate such a firm for ones apprenticeship?
Schools are challenged to perform the functions of a placement agency. Those that advertise that service are fooling themselves and you the student. Finding a "good" mentor is a challenge but not insurmountable. Once you complete the basic education requirements, one option is to join the local chapter of the Appraisal Institute. Then through networking you'll increase your practical knowledge and find access to potential sponsors and/or mentors.
Wouldn't it look better to actually go to course instead of doing it over the Internet or would it be considered the same?
Whether you take a course from an in-class provider or a distance learning provider, what matters is the quality of the instruction for you the student. "Good" distance learning produces a more knowledgeable student because it is one on one instruction. The key is finding a provider that offers a course that is designed using direct instruction methodology that requires a student to demonstrate mastery and fluency of the topic. Mastery is demonstrated by answering correctly random questions repeatedly throughout the course. Fluency is demonstrated by answering those questions within a certain controlled time limit. That is why traditional "correspondence" courses do not produce a very knowledgeable student.
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