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.