In any real estate transaction, one of the most important elements is the price of the property. To be able to determine the market value of a property, lenders and real estate brokers hire a real estate appraiser to asses its market value.
There are three types of appraisal that appraisers employ – the VA, FHA and conventional appraisals. Professional real estate appraisers have real estate appraisal licenses that allow them to practice their profession. To be able to get this license, potential appraisers must attend classes and take and pass the state exams. However, even after getting their licenses, appraisers still need to take more classes to become certified appraisers for VA loans, FHA loans and others. Apart from state accredited schools that offer courses on different subjects on real estate appraising, online courses are also available on the Internet.
Online courses on real estate appraisal
Real estate appraisal courses offered by schools on the Internet include different areas of study, which usually includes the National Standards of Professional Appraisers (USPAP), lessons on how to use the Uniform Residential Appraisal Report, Real Estate Math, FHA Appraisal, OREA Information, State Appraisal Licensing Information, and License Renewal Information. Other additional courses offered by some schools also include Residential Real Estate Appraisal, and Legal Considerations in Appraisal.
Review courses to help future appraisers pass the state exams are also offered by the schools, which come in the form of practice exams and tutorials. These courses are often delivered through various software, CDs and virtual tutorials that future appraisers can access on their personal computers right at the comfort of their homes. As with other real estate courses offered online, future appraisers are also given the opportunity to study the different appraisal laws and principles in other states.
Renewal of License
Real estate appraisers are also required to renew their licenses and they do so by taking another set of exams. Online schools also offer help in this process by helping the appraisers upgrade their skill by offering additional courses like Income Property Analysis and Home Inspection. Given all of these, it is clear that online real estate appraisal courses offer a wealth of information for appraisers that can help them practice their profession.
Learning how to become a real estate appraiser starts with an introduction to the work itself. Real Estate Appraisers will either work for themselves or are part of a larger company. Many work for lending institutions, including banks and mortgage companies. Appraising property is necessary before a bank or other lender will approve a mortgage for a home buyer. Appraisers will look at many factors when examining a properties value. These would include:
Size of the home and the land
Age of the home
General condition of the property
The surrounding area and neighborhood
Market value of similar homes in the same area
A real estate appraiser needs to pay attention to detail and be good with numbers. Gaining expertise through experience and training is the key on learning how to become a successful appraiser.
Training to become a real estate appraiser
Each state has criteria that must be met to become a state licensed appraiser. Most states require work experience and educational requirements, including passing state exams. Many states allow for appraisal online course learning. Taking an online course offers the flexibility to study on your own time.
Most states require a minimum 90 hour pre-license course, followed by a proctored exam. This means that after you have completed the appraisal course, the school administrator will arrange a local proctor to arrange a test setting under that person’s supervision.
These appraiser courses follow the Uniform Standards of Professional Appraisal Practices (USPAP) and their rules and guidelines. The majority of the appraiser course will teach the fundamentals of real estate appraisal and how to evaluate properties effectively and professionally.
Continuing education is required after you are state licensed. Many of these courses can be delivered online. State requirements for initial training and continuing education vary.
Real estate Appraisal Job Demand
Gaining real work experience is the most important part of becoming a real estate appraiser. The competition in this field is growing, but the real estate market continues to grow and the opportunities are there for the right person. Real estate agents, home inspectors and real estate appraisers are in high demand in many areas of the country. Many people who work in this field do it part time. This is the same for home inspectors.
Are you searching for an ideal career change that will help you now and in the future? One career that will always be in demand is a real estate appraiser. Here we will take a look at what an appraiser is and how you can become one.
What is an Appraiser and What Do They Do?
A real estate appraiser is a person who estimates the value of property including housing, commercial property and any property that is being developed, insured, mortgaged, taxed or sold. An appraiser works independently from real estate companies and usually will have their own clientele. This allows them to give an unbiased appraisal of the property. As an appraiser you will be estimating the value of the property. You will take into consideration the location, the type of real estate and its condition.
Types of Appraisers
There are several different types of appraisers including commercial appraisers and residential appraisers. A commercial appraiser will specialize in commercial properties such as stores, restaurants and land that will be developed for commercial properties. A residential appraiser specializes in properties that are used for housing such as homes, apartments and condos. There are also general appraisers who have the ability to appraise both commercial and residential properties.
Why Is Now A Good Time To Be An Appraiser?
The fact that the real estate market is starting to make a comeback makes this a good time to get into the appraisal business because these jobs are and will be in high demand for many years to come. Now is the best time to focus on your future as an appraiser.
How Do I Become An Appraiser?
You can take online appraisal courses. Online appraisal courses will allow you to learn around your current schedule. Distance education isn’t for everyone, of course, but if you find that you’re working full-time with family obligations, taking online appraisal courses are probably your best bet. As long as you’re disciplined and focused, you can take your time with your courses without the rush and pressure of having to rearrange your life.