How to Become a Real Estate Appraiser in Illinois
Real estate appraisers are the professionals who determine the value of real estate. his is necessary information whenever a property is sold, mortgaged, developed, insured or taxed. Real estate appraisers work independently for private clients such as banks, homeowners and developers. Many focus on either the appraisal of residential property or commercial property. As of the second quarter of 2010, the state of Illinois had 4,414 real estate appraisers, and the national average salary for a licensed appraiser, as of November 2009, was $44,054, according to Salary.com.
Other People Are Reading
Instructions
-
Appraiser Licensing Process
-
1
Complete 60 hours of appraiser education and training. Education must be under the guidance of a trainer licensed by the Illinois Department of Financial and Professional Regulation. This training can be taken in class or online, and consists of taking the Illinois real estate appraisal principles course (30 hours) and procedures course (30 hours). There are no prerequisites for this training.
-
2
Complete the 15-hour National Uniform Standards of Professional Appraisal Practice (USPAP) course. The 15-hour course includes a one-hour exam upon completion. The state of Illinois requires the USPAP course to be taken in class.
-
-
3
Pass the appraiser Level A licensing exam. Upon successful completion, submit the real estate appraiser licensure application along with the application fee. As of 2010, the application fee for the associate real estate trainee appraiser license is $225.
-
1
Tips & Warnings
Once you earn the associate real estate appraiser trainee license, you are an officially licensed appraiser in Illinois. For those interested in progressing in their career, you can pursue either the certified real estate appraiser license or the certified general real estate appraiser license.
To qualify for the certified real estate appraiser license exam you must log 2,500 hours of appraisal experience over 24 months and hold an associate's degree or higher. To qualify for a certified general real estate appraiser license exam you must log 3,000 hours of appraisal experience over 30 months and hold a bachelor's degree or higher.
As of 2010, the application fee for either license is $300.
Application fees are nonrefundable. Make sure to double check your information for errors before sending it to avoid having the application denied.
References
- Salary: Average Real Estate Appraiser Salary
- Bureau of Labor Statistics: Appraisers and Assesors of Real Estate Outlook
- Career Web School: Illinois Appraisal Qualification Article
- Illinois Department of Financial and Professional Regulation:Real Estate Appraiser Application
- Real Estate Express: Illinois Real Estate Appraiser License Courses Outline
Resources
- Photo Credit house plans 2 image by Christopher Hall from Fotolia.com
