Appraisals for residential properties, such as homes or apartments, are performed by certified residential appraisers. The job entails performing appraisals in order to determine the value of a property. A college degree and post-graduate appraisal certification are usually required to become a certified residential appraiser.
If you want to become a certified residential appraiser, a four-year college degree can be beneficial; however, you are not limited to one field of study. In fact, you have the option of majoring in any subject you want. It is true that taking business or real estate courses as part of your degree can be beneficial. Subjects like business and real estate provide useful background information that can be applied to property valuation, which can be beneficial as you learn how to appraise property.
Getting good grades is also important, regardless of what major you choose. After you’ve earned your residential appraiser certification, a high college grade point average (GPA) will set you apart from the competition. As a result, a high college grade point average may make it easier for you to find work as an appraiser.
States vary slightly in terms of specific requirements, but you’ll need at least 200 hours of appraisal coursework after completing your bachelor’s degree. Typically, aspiring certified residential appraisers enroll in a real estate school’s appraisal course. Real estate topics such as real estate law, ethics, and local laws are usually covered in the course. Then you’ll find a certified appraiser who will supervise you while you complete an appraisal internship, during which you’ll get at least 2,500 hours of supervised appraisal experience while also taking additional appraisal coursework. The National Uniform Standards of Professional Appraisal Practice must be addressed in the coursework (NUSPAP).
If you want to become a certified residential appraiser, you must first pass the appraisal licensure exam. This six-hour exam is graded on a pass/fail basis and covers topics like appraisal ethics, value factors, legal issues, math and statistics, site value methods, cost approach, and economic principles. The exact number of responses needed to pass the exam depends on where you are and what jurisdiction you are in.
You must submit an application to the local board after passing the exam, which will include a statement of your education, appraisal training, and the results of your real estate appraisal licensure exam. You will almost certainly be subjected to a criminal background check as well. After your application is approved, you will be able to work as a certified residential appraiser. You can appraise properties with fewer than five units as a certified residential appraiser.