What Degree Do I Need to Be a Real Estate Appraiser?
Real estate appraisers estimate the market value of properties. They are required to have a state certification in order to conduct valuations of real estate properties. Many real estate appraisers spend a considerable amount of time researching property values and evaluating the overall conditions of specific properties. According to the Bureau of Labor Statistics, most of the potential job opportunities for real estate appraisers are situated in geographic areas with high levels of real estate activity.
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Skills
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Real estate appraisers spend a lot of time doing research and investigating the design and construction of properties. They research public records of properties, such as the property sales, leases and other real estate transactions. After determining the value of a certain property, real estate appraisers may estimate the cost to enhance the property value. As a whole, they possess strong organizational and math skills and are detail-oriented individuals.
Certification
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Certified residential real property appraisers are qualified to give valuations of residential properties with a loan amount of $250,000 or more. Also, they can appraise other types of properties with a value of less than $250,000. To obtain this certification, they must possess an associate degree and have completed 200 hours of classroom courses that are designed to train appraisers as well as 2,500 hours of work experience within a two-year period. Certified general real property appraisers can give real property valuations with no restrictions. They must possess a bachelor's degree, 300 hours of classroom training to become appraisers and 3,000 hours of work experience within a 30-month time frame. Moreover, states may have additional requirements for real estate appraiser certifications and different real estate appraiser classifications.
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Training
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Many real estate appraisers possess a bachelor's degree. There is no specific requirement to have a specific type of bachelor's degree; however, some appraisers choose to acquire degrees related to business or real estate law. Also, certain courses, such as math and finance, are beneficial for aspiring real estate appraisers. Before becoming a licensed real estate appraiser, individuals become trainees until they complete the required classroom training and work experience. The classroom training includes 15 hours dedicated to the Uniform Standards of Professional Appraisal Practice.
Environment and Salary
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Some real estate appraisers specialize in specific areas of concentration, such as single-family homes, commercial properties or apartment complexes. Homebuyers, home sellers, mortgage lenders, real estate developers and real estate investors are some examples of individuals and companies who may seek the services or real estate appraisers. Some real estate appraisers are self-employed, and others work for companies, such as insurance companies and appraiser consulting firms; some appraisers work for government agencies. Additionally, real estate appraisers may obtain competitive annual salaries, and the Bureau of Labor Statistics reports that the median annual salary in 2008 was $47,370.
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References
- Photo Credit Real Estate image by Stephen VanHorn from Fotolia.com
