Real Estate Property Appraiser

Many people have heard of real estate appraisers but might not know exactly what they do. An appraiser’s job is to determine the value of a property. This process is known as appraisal. 

While there are various types of appraisal, this article will concentrate solely on real estate appraisal. Here, we’ll guide you through what it takes to enter this field and what you’ll need to succeed.

Education & Training

Schools with Property Appraisal Courses

Where Do You Study to Become a Real Estate Appraiser?

To start learning about appraising properties, you need to complete about 75 hours of basic coursework. This training is your foundation in understanding how to value properties and is available online in every state. If you want to take your career in appraisal further, you might also need a college degree. 

The Appraisal Qualifications Board (AQB) lays out the minimum education and experience you must have to be a real estate appraiser. Plus, you’ll likely need to pass a special exam to get certified.

How Long Does It Take?

The time to become a licensed real estate appraiser can vary by state. It usually takes from half a year to a year. However, this also depends on the type of course you are doing. Degrees will take much longer.

Here’s a brief outline of the process:

  • First, you need 75 hours of Qualifying Education. Subsequently, 150 hours of education endorsed by the Appraisal Foundation are next. 
  • After finishing your classes, you must complete 1,000 hours of appraisal work. This should be under a certified appraiser’s watch and over no less than six months.
  • Once you pass your exam, you apply for your license. This step might take up to six weeks, but times can change.

How Does It Cost?

The average tuition cost for a real estate appraiser is around $1,800. However, this cost might go up depending on things like exam fees, licensing fees, the school, and the kind of course you are doing. 

Is There an Exam?

Yes. An exam is part of the process. Each of the 50 states has its criteria for what it takes to become a licensed real estate appraiser. This includes a mix of educational courses, hands-on experience, and successful exam completion.

For a full list of what’s needed, future appraisers should look at the requirements set by their state’s real estate licensing board. 

How Do They Make Money?

Real estate appraisers earn money more consistently than real estate agents. This is because agents only earn money if a property is sold. However, appraisals are needed for many reasons like bank loans, taxes, and when properties are sold under special conditions like foreclosures. 

This means appraisers get paid for their work whether or not a property sells, making their income more stable.

Below are some average earnings from the Bureau of Labor Statistics.

District of Columbia$52.73$109,670.00
New Hampshire$36.09$75,060.00
New Jersey$43.72$90,940.00
New Mexico$26.20$54,500.00
New York$41.27$85,840.00
North Carolina$31.60$65,730.00
North Dakota$37.31$77,610.00
Puerto Rico$16.82$34,990.00
Rhode Island$38.11$79,260.00
South Carolina$28.83$59,960.00
South Dakota$27.52$57,240.00
West Virginia$22.03$45,820.00

Occupation: Property Appraisers and Assessors (SOC Code132020)

Carrer Overview

Why Do People Become Real Estate Appraisers?

It’s important to first understand why people choose this career path. According to the Appraisal Subcommittee (ASC) National Registry 2019-2022, there are currently around 70,000 licensed or certified real estate appraisers in the U.S. 

With such high numbers, this job must have something going right. So why should you become a real estate appraiser? Here are a few reasons:

  • Real estate appraisers often work outside the office, checking on properties and doing inspections. This job means you are not at your desk all day.
  • It is true that depending on the region of the United States an appraiser can earn up to six figures in a year. The pay structure of this role, as provided by the Bureau of Labor Statistics, stands at $61,630 per year. 
  • In the role of an appraiser, you’ll see a wide range of properties. Your career might take you to specialize in certain sections of the homes, the luxurious or the efficient ones. 

What Does a Real Estate Appraiser Do?

A real estate appraiser figures out how much a property is worth. This can include homes, shops, and even tracts of land. They look at several things to decide a property’s value. 

To determine the value of a property they take many things into account. This assessment is useful once a property is to be sold, mortgaged, taxed, or insured. 

Here are some tasks that real estate appraisers do in their daily work:

  • Go around to properties to look at what current state they are in and what they come equipped with. 
  • Take photos of the property and nearby landmarks.
  • Measure property spaces to know their size precisely.
  • Research similar properties that are on the market to get an idea of the prices. 
  • Prepare reports that explain their findings and show the property’s value.
  • Discuss the findings of the appraisal with the clients. 

Where Do Real Estate Appraisers Work?

Another striking feature of becoming a real estate appraiser is that you can work in different environments. Some work with banks to assist in reaching the decision of whether to grant a loan for mortgages. Some might work for government organizations as appraisers to determine the fair market value of properties for taxation purposes. 

Then, there are those who also assist individual clients in ascertaining the worth of the property whether they intend to sell or to buy one. Regardless of who they work for, appraisers must be good at analyzing information and communicating their findings clearly. 

Real Estate Appraiser vs Agent

A real estate appraiser evaluates property value, while an agent helps buy and sell properties. Appraisers get paid for each appraisal, sale, or no sale. Agents earn their income from sales. Their roles in real estate are different but both are important.

Real Estate Appraiser vs Broker

Real estate appraisers focus on determining the value of properties. Brokers, on the other hand, are involved in buying, selling, and managing properties. While appraisers provide value assessments for various needs, brokers work directly with clients to make real estate transactions happen.