What are the qualifications to become a Property Appraiser? The qualifications will vary according to the state where you live. Each state will have different requirements for becoming a qualified Property Appraiser. Read on the article to know what you need to become one.
Who Are Property Appraisers
Property appraisals are done by third-party bodies or persons with no interest in the transaction. These appraisers are tasked to give objective, impartial, and unbiased opinions on real property.
- Mortgage lending
- Tax assessments and appeals of these assessments
- A negotiation that involves buyers and sellers
- Government acquisition of private property to be converted for public use
- Mergers and dissolutions
- Negotiations of leases
To do this, appraisers must come up with a detailed report about the property in question. This report must contain details about the property’s value and why it gives such a value. During the appraisal process, appraisers usually look at factors like architectural features, environmental factors, and the current condition of the structure.
- Some states qualification requirements are the same in that all of the Appraiser’s have to be at least eighteen years old and have to hold a license from their state or county. Many states require you to have a license for two years or even longer if you want to become a Licensed Appraiser.
- You also need to complete an educational program. Typically this will be a high school diploma or GED. The courses will be in a wide variety of subjects including accounting and finance, business law, real estate law, property valuation, and appraisal principles and practices.
- You can get a high school diploma to become a Property Appraiser, but this is usually not a prerequisite for getting your first real estate license. If you don’t have a high school diploma, you can still work towards completing your high school education.
- Once you have completed your educational requirements you will need to take a state-administered exam to become certified. You must pass this exam before you can practice as a Certified Appraiser.
- You need to apply to the licensing board by filling out a completed application. This application will include a letter of recommendation from a licensed Appraiser, as well as copies of your high school diplomas, and transcripts of your college degrees. You will also need to supply copies of your driving records and any other documents that prove your qualifications.
- After you submit all the necessary documents to the state’s department of licensing you will be issued a certificate. In order to be a licensed Appraiser, you will need to pass the state exam again in order to remain on the field. There are also continuing education requirements after you have become a licensed Appraiser.
So, now that you know some of the qualifications to become a property appraiser you need to be able to show you are an experienced, knowledgeable person. If you can show you have great problem-solving skills and are highly organized and prepared to follow directions you will have a good chance of becoming a successful appraiser.
Experience is required in many cases. It is important to have experience in dealing with all kinds of real estate. You must have had experience in buying, selling, renting, or refinancing real estate. You must have experience working with the lending institutions that back real estate.
In addition to the ability to appraise real estate, you will need to be a very good negotiator. If you are ever faced with a disagreement between you and another party over whether or not something is worth purchasing you must be able to explain your reasoning clearly to convince your client that it is.You also need to be knowledgeable in the financial position of the property. You need to know the value and condition of the real estate, and how to keep it in good condition.
You also must be able to explain the reasons for buying or selling a certain type of real estate, as well as how to use that information to determine its future value. You will also need to be familiar with the mortgage terms and understand how to negotiate them.
Salary Range and Benefits of Property Appraisers
The income of an appraiser depends on their experience and the job given to them. New appraisers usually work independently while they earn experience and skills. According to the statistics of the Bureau of Labor, the average annual income of appraisers was at around $43,390 in 2004. Meanwhile, the 10% top paid appraisers earned more than $81,240 yearly.
Prospects and Opportunities
Qualified appraisers with experience may become senior appraisers or senior land examiners. Some appraisers may become experts in a specific type of property, such as new or farming properties. Those with a four-year certification may apply for executive positions in commercial banks.
Of course, it is also important to gain experience in foreclosures. Foreclosure can be very complicated and a buyer or seller will often want to talk to someone experienced in the process. This experience can help you become a better real estate appraiser.