A recent question in a Yahoo Group asked "How do you become an appraiser?" The author responded, "I worked in the real estate business for twenty-five years, and it was my best career. I appraised about one hundred properties a year, and I made over six hundred dollars a year. Most of my friends thought I was crazy for getting paid so much; some were jealous of my income, but most just didn't understand." This is a common response among many individuals who are just starting out in this business.
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While I appreciated his honesty in answering the question, I wanted to take a second to expand on his comments. To learn how do you become a property appraiser, one must first understand how the process actually works. Appraisers are independent professionals that have earned their knowledge through a combination of schooling and experience. Appraisals, which include valuing real estate items, are usually performed for a variety of reasons by appraisers. For example, an appraisal might be completed before a property is put for sale or might be used as a means of determining whether a homeowner can qualify for government-funded mortgage assistance. Appraisers also commonly perform inspections of individual properties to ensure they meet lending goals.
In order to become one, an individual must successfully complete an accredited education program at a community college, technical/trade school, or four-year college or university. Property appraisers are required to obtain at least a two-year degree from an accredited institution of higher learning. Often, real estate attorneys are employed by the mortgage industry or other related fields to serve as property appraisers. Many real estate investors are unable to meet the educational requirements for certification.
How Do You Become a Property Appraiser?
There are a variety of schools that offer a variety of degree programs in real estate appraisal. Most four-year universities offer a wide range of associate degrees, bachelor's degrees, and master degrees that can be used to prepare students for careers as appraisers. The programs take approximately two years to complete. During this time, students will learn all aspects of the real estate market, including statistics, financial analysis, and real estate law.
To become a certified appraiser in most states, a student must pass the certification examination administered by the American Society of Appraisers, also known as the ASA. Requirements vary by state, so contacting your local board of examiners is a good place to start. Once a student passes the certification examination, he or she must become a licensed appraiser in order to work in the field. This exam is nationally recognized as well as the only official certification program in the United States.
Requirements to become a property appraiser vary from state to state. Prior to entering their field, many property appraisers attend seminars to gain a comprehensive understanding of the profession. In addition to attending seminars, many property appraisers also enroll in professional education courses to further their education and learn about specific appraisals and legal practices. There are also books available from the American Society of Appraisers and the Appraisal Institute that can help prospective appraisers learn more about the profession. However, these books are not necessary to begin working, and many appraisers find it easier to gain valuable knowledge while they are working.
Property appraisals are an essential part of any real estate transaction. When a person buys a house, takes out a mortgage, or even makes an investment in a commercial real estate project, they are required to obtain property appraisals before making any commitments. It is important for homeowners, investors, and lenders to understand all of the requirements that apply when it comes to the licensing of property appraisers.
If you are wondering how you can become a property appraiser, remember that education and on-the-job experience are both essential to this field. Property appraisals are not simple processes and, without the proper training, it would be nearly impossible for an individual to learn how to accurately assess the value of a home, building, or piece of property. As you can see, becoming an appraiser requires both education and practical experience, which is why so many professionals choose to further their education in this career field.
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