An appraiser uses several specific standards to determine the value of a property. Because of their unique skills, people in this position are in high demand by insurance companies, government agencies, tax assessment agencies, real estate lenders, lawyers, museums, and private collectors. People in this position can specialize in a variety of fields due to the wide range of things that require appraisals.
A real estate property appraiser assesses all types of real estate, including residential, commercial, and agricultural. Automobiles, art, jewelry, antique furniture, and collections are valued by a personal property appraiser. A business appraiser determines the worth of a company’s assets, including its brand name. Anyone working in this field must be a strong communicator and analytic thinker. He or she must also be able to write concise, well-organized client reports.
At the moment, only appraisers who work with real estate are required to be licensed by the state. Those who want to work with business or personal property, on the other hand, can earn and receive a designation from a training organization. The Appraisal Qualifications Board (AQB), established by The Appraisal Foundation, makes recommendations for real estate property appraisers seeking state licensure.
A combination of 2,000 hours of field experience and 90 hours of education is recommended by the Foundation as the minimum requirements for a Licensed Residential Appraiser. One must have 2,500 hours of experience and 120 hours of education to be a Certified Residential Appraiser. A person must have 3,000 hours of experience and 180 hours of education to be a Certified General Appraiser, which means they can work with any type of real estate, including commercial property. A personal property appraiser must have between 1,800 and 4,500 hours of experience as well as 120 hours of education. To get to each of these levels, you’ll have to take a test.
Appraiser training is available from a variety of professional educational organizations. Although a college diploma is not usually required, some organizations only award higher designations to those who have earned one. Each state establishes its own requirements for the licensure exam as well as the specific number of hours of experience and education required. The Appraisal Foundation’s Uniform Standards of Professional Appraisal Practice are widely accepted as the standard by which appraisers operate. In addition, most states require 14 hours of annual continuing education.