One of the most crucial aspects of real estate is an appraisal. After all, you can’t have a real estate transaction without knowing the valuation of said property. Perhaps you have even been thinking about becoming an appraiser.
But what goes into the process? What does it take to become a real estate appraiser? Here is what you need to know.
Education
There are some basic education courses that are required to become a real estate appraiser. There are some states that have different requirements as far as time. In North Carolina, Tennessee, and Georgia the requirement is 90 hours to become a trainee. Some have 79 hours while some have as many as 150 hours.
There are basic appraisal procedures and principles, USPAP courses, report writing and case studies, and so much more. After becoming a trainee, there is an additional 75 hours of coursework to complete.
Experience and Exams
After becoming a trainee, 1,000 hours of appraisal work must be completed under supervision. It should take about six months but could take more and trainees can find work at appraisal firms, though the competition is tough.
To get licensed, that means passing a real estate property appraiser exam. There are things like types of value, real estate markets, appraisal math, and legal considerations. When you become licensed, you can then work on residential appraisals alone so long as there are no more than four units on the property.
Certification
Becoming a certified appraiser means being more marketable and being able to work with properties that have a valuation above $1,000,000. Banks will typically work with certified appraisers over one that simply has a license.
There is additional coursework and experience required to become fully certified. You may also need to obtain an associate’s or bachelor’s degree (or similar requirements) depending on your state. The path to becoming a certified appraiser is not an easy one and will take years to complete. There are also varying levels of licensing and certification to be aware of.