How to Work As an Appraiser for Mortgage Companies
Home appraisers are usually licensed by the state in which they work. According to the Bureau of Labor Statistics, about 27 percent of real estate appraisers are self-employed. The rest work for real estate brokerages, banks and other mortgage lenders. Appraisers use a variety of statistical and analytical methods to determine values for homes, commercial properties and land. Usually, appraisers will specialize in a particular field of real estate, particularly when dealing with non-residential markets.
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Instructions
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Contact your state department of housing for more information about the real estate appraisal licensing process in your state. Federal law requires that most appraisers complete a state-approved training program and receive a license in their field. Most states also require that real estate appraisers have a bachelor's degree from an accredited educational institution. Common degrees for the field include economics, mathematics and finance.
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Obtain a trainee license for real estate appraisal. You will likely be required to complete a training program at a real estate school or university to get access to the license. Once you have the license, you'll be allowed to work on a provisional basis as a real estate appraiser. Most states require that you also complete a standardized test at the end of the course.
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Contact a mortgage lender or bank and inquire about any open positions for appraiser trainees. It may be easier to gain a position as an intern assistant to an existing appraiser. You will need some professional experience to be considered for a full appraiser license, particularly if you're interested in conducting appraisals for commercial, industrial and agricultural properties.
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Continue working for a mortgage lender until you reach the minimum level of experience required by your state to apply for a full license. Once you receive your full license, you will be allowed to gain access to the Multiple Listing Service (MLS) government database of home sale information for your state.
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