Appraisal professionals use mathematical, detective and interpersonal skills to properly assess an estimated valuation of a real estate property before it is sold, developed, taxed or mortgaged. To become a qualified appraiser, one must go through the proper training methods and receive the correct licenses or certifications required for a particular state or jurisdiction.
To obtain a license, one usually has to have at least an Associate’s degree, although appraisers for more complex properties are required to have a Bachelor’s. Education and experience requirements vary from state to state as well.
To acquire an appraisal license, you need to take classes and pass a test at a recognized institution. The majority of states require an appraisal candidate to complete a minimum of 60 hours of appraisal-focused classroom and coursework time, in addition to 15 hours of hands-on field practice and housing course laws.
After the initial requirements are completed, an appraising student will need to attend 75 hours of classes that are specific to residential or commercial appraisement. Once the individual completes their schooling, 2,000 hours of apprenticeship under a licensed appraiser is mandatory. After all of the obligations are met, the candidate then needs to submit an application for an appraisal examination within a specified time period.
If an appraiser is seeking to go beyond the initial requirements, the Appraisal Institute offers them the opportunity to earn a professional MAI general designation or SRS residential designation. These members are required to undergo rigorous educational and experience requirements and must adhere to stringent professional codes of ethics. The Appraisal Institute provides a curriculum that meets the specific educational requirements of the Appraiser Qualifications Board and helps candidates to prepare for their state’s licensing exam. A mandatory 75 to 300 hours of education and training is required, depending upon the level of licensing a person wants to obtain.
Members, candidates and practicing affiliates of the Appraisal Institution are required to observe the institution’s Code of Professional Ethics in order to promote and maintain a high level of trust with clients. When you hire an appraiser who was licensed by the Appraisal Institution, you greatly increase your likelihood of working with an honest professional who is well versed in their expertise and will provide you with committed and dependable services.
There are many steps to take in order to become an appraiser. From classroom work to hands-on training, the education provides a solid foundation of professionalism and expertise in the field.