A
real estate appraiser school can help prospective appraisers learn
the skills and knowledge needed for a successful career. After completing coursework and a training
program, the real estate appraisal license allows the appraiser to
conduct valuations of real estate property and send various reports
to clients. Appraisers and real estate assessors are responsible for
estimating the value of real property, determining the appropriate
market sales price and finding out what the mortgage price may be.
They use a variety of methods and formulas to determine these final
figures. Appraisal schools provide both hands-on training and formal
classroom education for students.
Job Description
and Responsibilities of Appraisal School Graduates
Graduates may pursue additional education and
training to work in the areas of finance or real estate, or simply
proceed with a real estate appraisal career with their license. The
position often involves:
-
Providing
valuations of property
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Working in
localities on different types of properties
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Acknowledging
environmental concerns
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Understanding
how architectural styles and highways can influence the property
price
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Documenting
rooms, features, and buildings
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Taking
pictures of the exterior of a property
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Working with
lease records, previous appraisals, and income potential
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Working with
clients to evaluate specific properties
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Appraising
homes, residences, and residential properties
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Assessing
property taxes, or working with an assessor
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Researching
and writing reports
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Conducting
on-site research
A real estate
appraisal career can be satisfying and rewarding, especially since
many appraisers can set their own hours and work from home. They may
be self-employed and work with various clients on an ongoing basis.
Appraisal schools provide the necessary foundation to obtain
training and skills needed for the field, and any further technical
training takes place on the job. Although the
school does not require formal hands-on training during student
status, these regulations may vary by State. Prospective appraisers
may choose to work with a mentor or in an internship to gain
experience.
Career Options
After Real Estate Appraisal Training
Training provides prospective appraisers with the
educational requirements to complete their licensing program, a
period of work time as a trainee, and an opportunity to take the
examination. Appraisers interested in furthering their career may
choose to pursue additional certification and advancement with
continuing education. Appraisal schools can help students obtain
additional credits as needed. Students who complete the necessary courses may pursue a career as a:
-
Construction
inspector
-
Independent
appraiser
-
Building
contractor
-
Broker or
sales agent
-
Urban or
regional planner
-
Residential
building investigator
-
Real estate
agent
-
Assessor
Courses and
Training Programs Available at Appraisal Schools
School provide the education, skills, and knowledge for a
successful career. However, it's important to
note that a real estate appraisal license is necessary in most
states and regulations vary by region and State. A formal course may be pursued in an online format where the
classes can be taken at a student's own pace.
The course program often includes basic business management
classes, along with a working knowledge of the real estate market
within the state. They must learn the legal aspects of real estate,
and this is a significant part of study during training. Students also gain a working knowledge of the principles
and practices involved with running an appraisal business. These are
learned in preliminary courses and are often part
of an independent study program. Learning industry professional
standards is another important element of training. Students interested in pursuing a long-term career must learn to adhere to ethical guidelines and
codes of conduct.
Most appraisers
are required to log in a certain number of hours and education for
each level of certification and licensure. Schools can provide the training needed to complete the hours of
education, but experience must be obtained in the field. The
Appraiser Qualification Board (AQB) requests the following minimum
requirements for state licensed and certified appraisers:
-
Licensed
Residential: 2,000 hours of experience and 90 hours of education
-
Certified
Residential: 2,500 hours of experience and 120 hours of education
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Certified
General: 3,000 hours of experience and 180 hours of education
Real estate
appraisal training programs enable students to become fully
qualified appraisers or assessors, and these requirements vary by
State. A formal degree program is not currently available, but
various course programs serve as the basis of
education instead. Federal laws do require that any appraiser
involved with a transaction of $250,000 or more must have a license. Certification requirements are established
by The Appraisal Foundation, and education requirements along with
passing an examination are the standard. The examination is based on
the Uniform Standards of Professional Appraisal Practice (USPAP).
State issued appraiser licenses include:
-
State
Certified General Real Property Appraiser License
-
State
Certified Residential Real Estate Property Appraiser License
When an
appraiser is working on their minimum license requirements, they are considered to be 'trainees'. They
must obtain the necessary hours and education to receive formal
recognition and designation as an appraiser. On-the-job training is
an essential component of a successful career,
and can help to increase the skills and knowledge in the field much
faster than a school on its own.
Obtaining the
appraisal license requires completion of the State-mandated
examinations and providing proof of completing the educational
component in the field. Minimum education requirements are imposed
to those who are interested in maintaining their licensure. The
Appraisal Foundation requires a minimum of 14 hours per year in
continuing education courses, and the State-approved real estate
appraisal course program can be taken on the USPAP every two years.
Designations can
often help further a career, and this helps to
distinguish the appraiser as a professional in the field. They may
have recognizable credentials as a result, and when they meet
further training and education requirements, they can also become
members to specific categories in the community.
Accreditation
for Real Estate Appraiser Schools
Obtaining a real
estate appraiser license from an accredited school or institution is
important because it provides credibility to any licenses, training, and education obtained. Quality
instruction from a school is important, whether this is in an online
format, correspondence course, or formal school. Most
online course programs are accredited by the Distance Education and
Training Council (DETC).
Real Estate
Appraisal School Graduates: Earning Potential and Employment
Prospects
With the increases in real estate markets and new property
construction, the demand for qualified graduates and licensed professionals is expected to grow faster than
average. A real estate appraisal career can be highly lucrative and
rewarding, especially since many businesses are independently owned
and work on a commission-based structure. After obtaining a license, most candidates can start a career in the
field immediately. This makes it simple to grow a business and they
may receive additional training from mentors
and coworkers as needed.
The active real estate markets on the East and West coasts are the
most attractive areas for a career. Appraisers
can find plenty of options as independent fee appraisers and through
employment at a firm. Assessors and appraisers are needed
in every local or State jurisdiction, regardless of the state of the
economy.
Median annual earnings were $43,390 in 2004. This
varies depending on the industry, as those that work for local
governments have median annual earnings that are considerably lower,
while higher salaries are options for those working in real estate
firms. Related occupations include:
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Claims adjusters
-
Examiners
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Cost estimators
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Urban planners
-
Sales brokers
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