Real Estate Appraiser

How to Become a Real Estate Appraiser
Real Estate Appraiser Job Duties
Skills and Qualities of a Real Estate Appraiser
Real Estate Appraiser Salary
Influential Professional Real Estate Appraisers
Leading Real Estate Appraiser Organizations
Top Cities for Real Estate Appraisal Jobs
Other Careers of Interest

How to become a Real Estate Appraiser

In order to become a real estate appraiser you must be licensed. In order to obtain a license you must first take a class and then pass an exam. The laws for each state are similar however; you must be licensed in each state that you complete appraisals. In the event you move from one state to another you will have to take that state's exam and pass it, to receive your license before you can begin working.

You can find several courses for becoming a real estate appraiser by looking at your local community colleges and doing an internet search in your local area as well as contacting any real estate agency, these agencies can generally provide you with a person to contact for more information.

What does a Real Estate Appraiser do?

A real estate appraiser determines the value of a piece of property which can be a single piece of land, land and a home or a business. Most commonly the market value is what is appraised (what the general public is willing to pay for a piece of property). A real estate appraiser uses guidelines provided by the International Valuation Standards (a method used in 41 countries to determine the value of the property based on several factors) or the Walrasian auction (based on the supply and demand system).

Armed with these guidelines the appraiser will visit the property and fill out a report utilizing computers to access the data they need and write part of the report while physically on the property. That report includes specific detail about the property which is then compared to three other pieces of property that are all similar. The appraiser will make note of any obvious structural damage such as a noticeably damaged roof or a foundation that is damaged or severely aged. They then take into consideration the market value of other homes or business in the area and what the market value is for the community. The type of community is also important when appraising a home or a business with zoning laws in place. It is often hard to sell a home that sits in the middle of a new business development and vice versa. Therefore the suspected amount of time the home or business will be listed for sale also contributes to the appraiser being able to determine the value.

Real estate appraisers will have independent clients and only place values on one property at a time. In the future it is expected that real estate appraisers will be needed for litigation claims, probate cases, foreclosures and even settlements in divorces.

What skills or qualities do I need to become a Real Estate Appraiser?

In order to become a real estate appraiser you must take the state's recommend course which in most states is 90 hours of study. After the completion of the course you must pass the state test. The only skills and qualities you need are to be able to learn something new. Having strong math skills is helpful, as is having an eye for detail, but these attributes are not essential.

As of 2008 all real estate appraisers are required to have a bachelor's degree or credit hours equivalent to it. The degree is usually in a field such as economics, finance or real estate that is related to the appraisal field. There is also training done on the job that is vital to becoming a real estate appraiser that used to be completed at a financial institution or real estate office.

How much does a Real Estate Appraiser make?

A real estate appraiser can work for a company and be paid according to the company's salary or they can work as an independent and charge a fee of their choice as long as it is within reason and comparable to what company hired appraisers earn.

The type of property being appraised and the state often reflect how much an appraiser will earn.

A residential appraiser just starting out can expect to earn between $30,000 and $50,000 a year. A business appraiser just starting out can expect to earn between $50,000 and $90,000 a year.

Who are some influential professionals in this field?

Saul Klein, president and co-founder of Internet Crusade has spent seventeen years traveling over a million miles to talk about the role of technology in the future of real estate. He is also the NAR's e-Pro certification programs creator, author and instructor which is designed to help agents compete in the online real estate world.

Gregg Larson is the CEO of Clareity Secruit and leads the field in breakthroughs concerning security in the real estate industry. Doug Lebda is the President and chief operating office of IAC. These three men were among the top 100 influential real estate leaders in 2007.

What are some leading organizations in this field?

The Appraisal Institute is not only the largest but it's the most influential of the professional organizations involved in real estate appraisal in America. This organization was founded by other leaders in the industry of real estate appraisal such as the National Association of Independent Fee Appraisers, the National Association of Master Appraisers and others. The American Society of Appraiser (ASA, and the American Society of Farm Managers and Rural Appraisers are among the professional appraisal organizations in the United States.

What are the top cities for Real Estate Appraisal jobs?

Real estate appraiser and assessor jobs reached over 101,000 in 2006 with most working full time. Many of them were self-employed with concentrations in major metropolitan areas and other areas with a lot of activity in real estate.

When it comes to the top cities for jobs as a real estate appraiser if you look at the pay then the metropolitan areas that come in the top three are Deltona-Daytona Beach -Ormond Beach Florida at just over $75,000 annually, Pittsfield, Ma at just over $53,000 and Anderson, IN at just under $41,000 annually on average. The highest concentration of real estate appraisers are found in Pittsfield, MA, St. George, UT and Deltona-Daytona Beach-Ormond, FL.

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