Steps to Become a Real Estate Appraiser
Becoming a real estate appraiser is a process that varies by state. Each state has different rules governing real estate licensing. Despite the varying requirements, knowing the employment opportunities and earning potential for an appraiser is a smart first step to your career.
Other People Are Reading
-
Requirements
-
Appraisal requirements differ by state and property. Both appraisers and assessors of real estate must be licensed or certified, according to the U.S. Department of Labor. The Appraisal Foundation requires appraisal licensing schools to dedicate 15 hours teaching parts of the Uniform Standards of Professional Appraisal Practice, or USPAP, exam, despite locality. USPAP is governed by the Appraisal Standards Board, or ASB, of the Appraisal Foundation, which consists of professional appraisers.
Training
-
Typically, during the time period you're satisfying your appraisal requirements, you are known as a trainee. According to the Bureau of Labor Statistics, training courses usually include 75 hours of approved education. Extended appraisal training differs depending on location, but other possible credentials include licensed residential, certified residential, and general real property appraiser.
-
Career Outlook
-
The career outlook for future appraisers depends on the success of local and national housing markets. The Bureau of Labor statistics says that the demand for appraisal services is strongly tied to the real estate market; between 2008 and 2018, employment of appraisers is expected to grow by 5 percent. Relocation to an area with an active housing market is a sensible step for future appraisers with the means and opportunity to do so.
Earning Potential
-
The earning potential for an appraiser depends on a number of factors, such as location and clientele. According to the Bureau of Labor Statistics, the median annual salary for appraisers is more than $45,000, with the top 10 percent earning upwards of $90,000 annually. Independent appraisers make substantially more or less depending on the individual. Characteristics of high earning appraisers include, but are not limited to, attention to detail, a pleasant personality and a self-motivating drive to succeed.
-
References
Resources
- Photo Credit Jupiterimages/Comstock/Getty Images
