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The requirements to become a fully qualified appraiser or assessor of real estate are complex and vary by state and, sometimes, by the value or type of property. Most appraisers of residential or commercial property must have at least a bachelor’s degree to obtain the entry-level state license category. Check with your state's licensing board for specific requirements for both assessors and appraisers.Education
Although requirements may vary by state, appraisers of residential or commercial property usually must have at least a bachelor’s degree.
College courses in subjects such as economics, finance, mathematics, computer science, English, and business or real estate law can be useful for prospective appraisers and assessors.
Most states set education and experience requirements that assessors must meet in order to practice. A few states have no statewide requirements; instead, each locality sets the standards. In some localities, candidates may qualify with a high school diploma.Training
Employers generally require candidates to take basic appraisal courses, complete long-term on-the-job training, and work enough hours to meet the requirements for licenses or certificates.Licenses, Certifications, and Registrations
Federal law requires appraisers to have a state license or certification when working on federally related transactions, such as appraisals for loans made by federally insured banks and financial institutions. The Appraisal Foundation (TAF) offers information on appraisal licensing. There is no such federal requirement for assessors, although some states require certification. For state specific requirements, applicants should contact their state board.
Real property appraisers usually value one property at a time, while assessors value many at once, but both occupations use similar methods and techniques. As a result, assessors and appraisers tend to take the same courses for certification. In addition to passing a statewide examination, candidates must usually complete a set number of on-the-job hours.
The credential level determines what type of property a person may appraise. The four federal appraiser classifications are as follows:
• Licensed Trainee Real Property Appraiser
• Licensed Residential Real Property Appraiser
• Certified Residential Real Property Appraiser
• Certified General Real Property Appraiser
Many states offer a Licensed Trainee Real Property Appraiser credential to candidates working toward licensure or certification. Training programs vary by state, but they usually require candidates to take at least 75 hours of specified appraiser education before applying for a job as a trainee.
Many states offer the Licensed Residential Real Property Appraiser. With this license, a qualified person may appraise noncomplex one-to-four unit residences with a value of less than $1 million and complex one-to-four unit residences with a value of less than $250,000. A candidate must have the following qualifications to get this certificate:
• 30 semester hours of college-level education
• 150 hours of appraiser-qualifying education
• 2,000 hours of on-the-job training completed over at least 1 year
Being a Certified Residential Real Property Appraiser is the minimum requirement to appraise a residential property with a loan amount over $250,000 or any other type of residential property even if the loan amount is less than $250,000. A candidate must have the following qualifications to get this certificate:
• Bachelor’s degree
• 200 hours of appraiser-specific qualifying education
• 2,500 hours of work experience completed over at least 2 years
Being a Certified General Real Property Appraiser permits a person to appraise real property of any type and any value. A candidate must have the following qualifications to get this certificate:
• Bachelor’s degree
• 300 hours of appraiser-specific qualifying education
• 3,000 hours of work experience completed over at least 2½ years
For all of these credentials, except the Trainee License credential, candidates must have the following qualifications:
• Have 15 hours of classroom instruction on the Uniform Standards of Professional Appraisal Practice
• Pass an exam
Unlike appraisers, assessors have no federal requirement for certification. In states that mandate certification for assessors, the requirements are usually similar to those for appraisers. For example, the International Association of Assessing Officers (IAAO) offers the Certified Assessment Evaluator (CAE). This designation covers topics that include property valuation for tax purposes, property tax administration, and property tax policy. Applicants are required to have a bachelor's degree prior to obtaining the designation.
For those states that do not require certification for assessors, the hiring office usually requires the candidate to take basic appraisal courses, complete on-the-job training, and meet the work-hours requirements for appraisal licenses or certificates. Many assessors also have a state appraiser license or credential.
Assessors tend to start working in an assessor's office that provides on-the-job training; smaller municipalities are often unable to provide this work experience. An alternate source of experience for aspiring assessors is through a revaluation firm.
Both appraisers and assessors must take continuing education courses to keep the license or certification. Exact requirements vary by state and certification.Important Qualities
Analytical skills. Appraisers and assessors of real estate use many sources of data when valuing a property. As a result, they must carefully research and analyze all factors before estimating a value and producing a final written report.
Customer-service skills. Because appraisers must regularly interact with clients, being polite and friendly is important. In addition, these characteristics may help expand future business opportunities.
Math skills. Accurately analyzing real estate data includes such steps as calculating square footage of land and building space, so workers must have good math skills.
Organizational skills. To successfully accomplish all the tasks related to appraising and assessing a property, appraisers and assessors of real estate need good organizational skills.
Problem-solving skills. Appraising or assessing a property's value may involve unexpected problems. The ability to develop and apply an alternative solution is crucial to successfully completing the appraisal and report on time.
Time-management skills. Appraisers and assessors of real estate often work under time constraints, sometimes appraising many properties in a single day. As a result, managing time and meeting deadlines are important.
|Job Title||Company||Location||Start Date||Salary|
|International Real Estate Marketing Analyst||Extell Development Company||New York, NY||Mar 28, 2016||$177,500|
|Real Estate Acquisitions Analyst||GNR Equities||Philadelphia, PA||Jan 08, 2016||$150,000|
|Analyst, Real Estate Portfolio (Innovation, Strategy and ANA||Club Quarters Management Co., LLC||Stamford, CT||Aug 02, 2016||$145,000|
|International Real Estate Marketing Analyst||Extell Development Company||New York, NY||Aug 26, 2016||$145,000 -
|Real Estate Financial Analyst||Brookhill Property Holdings LLC||New York, NY||Sep 01, 2015||$120,000|
|Real Estate Financial Analyst||Carlton Advisory Services, Inc.||New York, NY||Apr 09, 2016||$120,000|
|Real Estate Analyst||Kennedy-Wilson, Inc.||Beverly Hills, CA||Jul 09, 2016||$120,000|
|Commercial Real Estate Analyst||Wellmax Development, LLC.||San Gabriel, CA||May 19, 2016||$115,752|
|Senior Real Estate Analyst||Colliers International USA, LLC||Irvine, CA||Sep 01, 2015||$115,000|
|Real Estate Financial Analyst||Newmark Knight Frank||Houston, TX||Nov 12, 2015||$110,000|
|Real Estate Financial Analyst||Urban American Management LLC||West New York, NJ||Oct 06, 2016||$110,000|
|Real Estate Analyst||Wasserman & Associates, A Professional Corporation||CA||Aug 22, 2016||$108,000|
|Senior Real Estate Analyst||Patrick O'Connor & Associates, L.P.||Houston, TX||Jul 14, 2015||$100,000|
|Real Estate Financial Analyst||Figtree Holdings LLC||Sunrise, FL||Aug 03, 2016||$78,770|
|Real Estate Analyst||Mirmidones Capital, LLC.||New Haven, CT||Sep 30, 2015||$78,000|
|Commercial Real Estate Analyst||R & B Realty||Los Angeles, CA||Jul 15, 2015||$77,000 -
|Commercial Real Estate Analyst||R & B Realty Group||Los Angeles, CA||Jul 15, 2015||$77,000 -
|Real Estate Analyst||Flowcash Investment, Inc.||Danville, CA||Sep 26, 2015||$76,800|
|Real Estate Analyst||Fulton Street Ventures LLC||San Francisco, CA||Nov 04, 2016||$76,000|
|Real Estate Financial Analyst||Haves Pine & Seligman||New York, NY||Jan 09, 2016||$76,000|
|Real Estate Valuation Analyst||Pike International LLC||New Haven, CT||Sep 18, 2015||$75,000|
|Real Estate Analyst||ZOAK Management Inc.||Oakland, CA||Sep 04, 2015||$66,000|
|Real Estate Analyst||Cignature Realty Associates Inc.||New York, NY||Aug 31, 2016||$65,741|
|Real Estate Analyst||Cindat USA LLC||New York, NY||Oct 09, 2016||$65,407|
|Commercial Real Estate Analyst||Three Rams Investments, LLC||Las Vegas, NV||May 18, 2015||$65,219|
|Analyst, Commercial Real Estate||Hanover Street Capital, LLC||New York, NY||Aug 15, 2016||$65,187 -
|Real Estate Analyst||Haitou Inc.||New York, NY||Nov 08, 2016||$65,187|
|Real Estate Analyst||The Citadel Group LC||Groveland, FL||Jan 09, 2016||$65,000|
|Real Estate Analyst||OUE USA Services Corp||Los Angeles, CA||Oct 04, 2016||$65,000|
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