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Real estate appraisers determine a value for a house, allowing banks and mortgage companies to determine if the house is adequate collateral to secure a loan. If you'd like to know more, read on to learn how to become a real estate appraiser.
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Managed Since: 07/03/2009
Views: 85
Money Earned: M$3.58
Page revenue is subject to change as we obtain data from our partners
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Appraisers, Real Estate
A real estate appraiser provides an independent, objective analysis of a property's current market value. Real estate appraisers can work for banks or mortgage companies. They also can work independently, providing appraisals to anyone buying or selling property or to anyone who needed to establish a value for estate or insurance purposes. -
Introduction
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.
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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
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