How to Become a Real Estate Appraiser in Kentucky
Real estate appraisers in Kentucky are licensed and overseen by the Kentucky Real Estate Appraisers Board (KREAB). The services of a property appraiser are required by lawyers, banks, insurance companies and property owners. Licensed real estate appraisers are certified to appraise residential properties with a value of less than $1 million. Certified residential appraisers and certified general appraisers, designations that require further education and experience, are permitted to appraise larger and more valuable properties.
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Instructions
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Complete a college degree. In general, you must have at least an associate degree to become a licensed real property appraiser. If you do not have a full degree, having at least 21 college credit hours covering subjects such as economics, finance or real estate law may be acceptable.
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Find an appraiser willing to supervise you. You must find an appraisal firm or independent appraiser who will supervise and mentor you as you complete the education and experience process.
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Complete at least 90 hours of real estate appraisal education. You must complete at least 90 hours of appraisal training from a KREAB-accredited institution (see Resources) to get an associate credential. Take courses in basic appraisal principles and procedures. Your 90 hours of education must include the 15-hour Uniform Standards of Professional Appraisal Practice course.
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Apply for an associate license to the KREAB. You can download and print this application from the KREAB website. You must include information on your supervisor's information and attach your education transcripts. Your application must be signed, notarized and sent to the KREAB. As of 2010, the application fee for an associate license is $212.
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Gain experience. You must work under the direction of your supervisor to gain experience hours. You must gain at least 2,000 hours of work experience to qualify as a licensed real property appraiser. In this time, you must also complete 90 more hours of real estate appraisal education.
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Sit for your examination. Once you have completed your 2,000 hours of experience and have a total of 180 hours of training, you can sit for the licensed residential appraiser exam. The examination is delivered via computer at testing centers in Louisville and Lexington. Register with the KREAB to make a reservation to sit for an exam.
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Apply to be a licensed real property appraiser. Once you have completed your 2,000 hours of experience, your 180 hours of training and passed your exam, you can apply to be a licensed real property appraiser. The application form is the same as the one used to become an associate. The application fee is $237.
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