If you want a lucrative career in the real estate industry, you will need to get the best real estate appraisal training possible. Why? Because according to statistics, jobs for appraisers are projected to increase faster than average over the next few years. The best employment opportunities in the country are going to be for real estate appraisers, brokers, and agents. Whether you want to work for a bank or for yourself, you need to receive quality real estate appraisal training, find all the requirements below.
So what will you have to study? It depends on where you live. Some states go with the Appraisal Foundation's program while others have their own licensing procedures. You will need at least 75 hours of coursework at either an accredited campus or online. Online real estate appraisal training programs will give you the education you need while allowing you to study at your own pace and convenience. You may also need some on the job training, depending on where you live. Some of the top online schools will help you get the training you need, no matter where you live. Contact any of the real estate schools below to find out what requirements are needed.
Once you complete a good real estate appraisal training program, you will need to take an examination. Upon passing, you will receive your license. You will then be able to:
- Evaluate property
- Analyze how highways and railroad tracks influence property costs
- Appraise homes, residential properties, and land
- Assess property taxes, or work with an assessor in doing so
- Work with clients
- Document buildings, rooms, architectural styles, and features
- Take pictures of the interior and exterior of a property
- Conduct on-site and off-site research
- Analyze local crime rates, environmental issues, etc.
- Research and write detailed reports
Needless to say, you'll be busy. A career in real estate can be very profitable and rewarding. If you're self employed, you will even be able to set your own hours. Imagine being in charge of your life, finances, and future. Getting real estate appraisal training is your first step in the right direction.
An appraisal training program includes general business classes, and will also provide you with all the knowledge you'll need for being an appraiser in your state. It will also teach you the legal aspects involved with the real estate market. If you want to pursue a long term career as an appraiser or assessor, you will need to learn about the ethical guidelines that you must adhere by.
Keep in mind that you'll be required to get some experience in the field when you're training. This is why it's very important that you sign up for a school that will help you find work or an internship. Even online real estate appraisal training programs will do everything possible to help you find work. Job placement assistance is a very important factor you need to take into consideration when looking for a real estate appraisal school.
One of the things about real estate appraisal is the wide variety of appraisers. They are set-up this way so that each type specializes in a particular kind of appraisal. Here are the top 3 kinds of real estate appraisers and their functions.
Commercial Appraiser – As a commercial appraiser you’ll deal exclusively in buildings and commercial property. You must have a more advanced knowledge of building codes as well as the commercial market in order to appraiser buildings vs homes. Most commercial appraisers charge between $400-$800 and will sometimes come with a demo or CD of their appraisal.
Residential Appraiser – The most common appraiser are residential ones. These appraisers focus on single family homes. They typically work for banks or financial institutions where home owner go to get their loans. You’ll be responsible for conducting the appraisal and usually will be on salary. Some appraisers are self-employed in which they will work for real estate agents and charge them $300-500 per appraisal.
Reviewers – As a reviewer you’ll audit appraisals done for banks and even government agencies. Often you work as a consultant but some hire on full-time appraisers such as banks. Due to the financial crisis in 2009 many banks now have reviewers to make sure they are in full compliance with all the new rules and regulations placed on them.
To become a real estate appraiser you’ll need to attend a school (online or campus), complete the number of required hours by your state as well as obtain the required years of experience to receive some of the higher careers in the appraisal field.
Real Estate Appraisal Trainee - As a trainee you’ll first need to enroll in a state approved school. We have listed them on this page for you to research. You’ll need at least 75 hours of training and pass the final exam to receive your trainee license. As a trainee you’ll be under the direct supervision of a licensed appraiser.
Licensed Residential Property Appraiser – For a residential appraiser you’ll need 150 hours of training. A licensed residential appraiser will need to complete 2000 hours in the field.
Certified Residential Property Appraiser – As a certified residential property appraiser you’ll need 200 hours of course work and 2500 hours of experience that must be completed within 2 years.
Certified General Appraiser – This is the highest level of appraiser and you’ll need to find a school that offers a 300 hour training program. You’ll then need 3000 hours of experience within a 30 month time period.
The Uniform Standards of Professional Appraisal Practice, known as USPAP, include the accepted standards for professional appraisal practice in North America. It defines the guidelines for all types of appraisal services. There are specific standards that apply to real estate appraisals. Their purpose is to promote and maintain a high-level of service in the real estate field. How does USPAP affect your career as an appraiser? As a licensed or certified appraiser, you must comply and perform your appraisals according to these standards. By following these guidelines, you ensure that you are qualified to offer fair and accurate appraisal services.
History of USPAP
Prior to 1987, there was no universal set of standards when it came to real estate appraisal. To promote fair business practices and prevent fraudulent activities, eight U.S.-based organizations and one Canadian company formed a committee and created USPAP. Developed in 1986 by the Ad Hoc Committee on Uniform Standards and copyrighted in 1987 by The Appraisal Foundation, USPAP forms the guidelines that are followed by every real estate appraiser in the United States. Its purpose is to create a minimum set of criteria that professional appraisers conform to, as well as develop uniform standards that are recognized in the marketplace.
As a real estate appraiser, you need to stay current with your USPAP training. If you are getting your Appraisal Trainee License or want to become a Licensed Residential Appraiser, you need to complete the 15-hour National USPAP course. If you are a Licensed or Certified Appraiser and need to satisfy your two-year USPAP requirement, you need to enroll in the 7-hour National USPAP Update Course. It is easy to fulfill the USPAP requirements through distance education. The self-paced, user-friendly courses can provide you with the training you need to keep your appraisal license current and up to date.