How Can I Get My Appraisal License in Maryland?
The state of Maryland requires real estate appraiser licensing or certification only in connection with federally related transactions that are valued in excess of federally established minimums. However, because so many homes are financed through federal programs---such as Freddie Mac, Fannie Mae, HUD and VA programs---and because most professional real estate companies require licensing, becoming an appraiser in Maryland without a license is virtually impossible. Maryland offers four levels of appraiser licensure, beginning with the Appraiser Trainee designation. Increasing levels of experience and coursework, corresponding to larger real estate appraisal assignments, necessitate higher levels of certification.
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Instructions
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Complete educational coursework required to become an appraiser trainee. An appraiser trainee provides appraisal services while training to become a licensed or certified appraiser and must work under the supervision of a certified residential or general real estate appraiser. All Maryland community colleges offer real estate appraisal training and coursework approved by the Maryland Real Estate Appraisers Commission. The Maryland chapter of the Appraisal Institute also offers the necessary Appraiser Trainee coursework, which consists of 75 hours of pre-licensure education---30 hours of Basic Appraisal Principles, 30 hours of Basic Appraisal Procedures and 15 hours of National USPAP (Uniform Standards of Professional Appraisal Practice) class work.
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Obtain your real estate Appraiser Trainee license. Contact the Maryland Real Estate Appraisers Commission at (410) 230-6165 for information about obtaining your appraiser trainee license. You also can complete the application online. You'll have to provide photo copies of your coursework training diploma or certificate of completion. There is a $75 fee.
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Work as an appraiser trainee for no less than two years. There is no exam for a trainee. While working, your supervisor must provide a copy of each appraisal report; prepare and sign your work log at least once a month. Remember that your two-year training period begins only after you secure employment and begin working full time. No experience gained prior to obtaining your license, or time accumulated before working as a trainee, will count toward your two-year training "internship." Trainees also have to be supervised by a certified residential or certified general appraiser.
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Get hold of a copy of the "Maryland Real Estate Appraisers Licensed/Certified Appraiser Qualification Information Handbook" from PSI Examination Services (PSI), the testing company that administers the appraiser test you'll eventually take. Do this when you begin your training experience so that you can begin documenting your educational and experience hours. There is a format that you'll be required to follow when you submit your application for the state exam. Contact PSI at 1-800-733-9267. You also can visit the PSI web site.
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Complete coursework so that you can sit for the licensed real estate appraiser examination. You must complete an additional 75 hours of coursework in Residential Market Analysis and Highest and Best Use (15 hours), Residential Appraiser Site Valuation and Cost Approach (15 hours), Residential Report Writing and Case Studies (15 hours) and Residential Sales Comparison and Income Approaches (30 hours). As with the trainee coursework, all Maryland community colleges and the Appraisal Institute offer all necessary coursework.
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Take the exam for licensed real estate appraiser. Contact PSI to schedule an exam time and place. The six-hour test costs $100. As a licensed real estate appraiser, you can provide appraisal services in federally related transactions for noncomplex one- to four-unit residential properties (transactions under $1 million), complex one- to four-unit residential properties (if the transaction is less than $250,000), and commercial properties for transactions under $250,000.
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Tips & Warnings
The four levels of Maryland real estate appraisers are trainee, licensed real estate appraiser, certified residential real estate appraiser, and certified general real estate appraiser.
The Maryland Real Estate Appraisers Commission offers CompuCram Exam Prep software to help you prepare for all exams.
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