Become an Appraiser

An appraiser performs the important job of determining how much property is worth. Lawyers, banks, insurance companies, and auction houses all depend heavily on appraisers. That said, there are many different types of appraisers. Most appraisal jobs do not have any strict requirements. If you want to go into real estate appraisal, however, you will need a state license.

Steps

Choosing Your Specialty

1. Determine what type of appraisal you want to specialize in. Real property appraisal—which is the most common—has a different set of standards and requirements than other types of appraisal. There are a few other major fields of appraisal, however.
   • Real property appraisal determines the value of real estate and land property. This is the only type of appraisal that requires a degree and state licensure.
   • Personal property appraisal deals with all types of physical objects. These appraisers usually have a specific specialty, such as art, antiques, vehicles, or clocks.
   • Machinery and technical appraising works with large industrial machines, such as aircraft or production equipment.
   • Business valuation determines the value of a business, including its intangible assets like its brand reputation and logo.
2. Evaluate your previous experience. Many appraisers have a background in similar careers before becoming an appraiser. If you have any previous work experience, try to determine if it would help you become a particular type of appraiser.
   • Any experience in real estate or land development will help with real property appraisal. If you have worked on farms, you might consider agricultural real property appraisal.
   • If you have experience with art dealing, antiques, vehicle sales, retail, or any type of collecting (such as stamp collecting or baseball card collecting), you may want to go into personal property appraisal.
   • If you have experience in business, consultation, or finance, you may want to go into business valuation.
3. Take the Uniform Standards in Professional Appraisal Practices (USPAP) course. No matter what type of appraiser you become, the USPAP will typically be required by your employer or certification agency before you can get a job. The USPAP is a 15 hour course and exam offered by a number of different organizations, including the American Association of Appraisers and the Appraisal Institute.
   • This course can cost between $350 and $500 USD depending on where you take it. This typically includes the exam.
   • Additional courses in Basic Appraisal Principles and Basic Appraisal Procedures are also offered by most appraisal organizations and foundations. These may be required by some states for certification.

Becoming a Real Property Appraiser

1. Complete at least 30 hours at a university or an associate’s degree. You do not need a certain degree to become licensed, but degrees in finance, economics, or business may be useful.
   • If you want to reach the highest tier of certification, you will need at least a bachelor’s degree.
   • If you’re currently in school, you can become a trainee appraiser without a degree. To become licensed, however, you will need at least 30 credit hours at a university or an associate’s degree.
2. Research your state's appraisal board. While minimum standards are set by the Appraisal Foundation, each state has their own rules and requirements for certification. Check to see what requirements and resources your state has.
   • You can find your state board here: https://www.appraisalinstitute.org/education/education-resources/state-appraisal-regulatory-agencies/
3. Become certified as a trainee appraiser. To become a trainee, you must first take certain courses, including USPAP, Basic Appraisal Practices, Basic Appraisal Procedures, and a Supervisor/Trainee course. You can then apply for a traineeship from a certified appraiser. If you cannot find any traineeships in your area, you might check if your state offers a formal training program.
   • If they do not offer a training program, consider contacting a professional organization, such as the Appraisers Association of America, to see if they can connect you to a local supervisor.
4. Gain 2,000 hours of experience in 12 months. Download an experience log from your state’s appraisal board’s website. Track the hours you work in your first 12 months. Have your supervisor sign the form. You will submit this log with your application.
5. Complete the required classroom hours. Your state appraisal board will give you a list of the required courses. You can take these courses from state-approved community colleges, online schools, or from a professional appraisal organization.
   • You may be asked to take classes on market analysis, report writing, cost approaches, and sales comparisons.
   • Most states will require that you take at least 150 hours of education before you are certified, but some states may have different requirements.
   • Always check with your state appraisal board to see a list of approved programs and schools.
6. Take the state examination. Apply to take the examination through your state appraisal board. If your state uses the national examination from the Appraisal Foundation, the examination will be 125 questions long. Other states may have their own tests, however.
7. Apply for a license from the state. Once your training is done, you can become a licensed residential appraiser. Find the application on the state board’s website. Attach a copy of your experience log to the application and mail both documents to your state’s appraisal board.
   • You may need to pay a fee to apply. While this fee may vary from state to state, it can be around $200.
   • Some states require background checks for licensing.
8. Apply for more advanced certification the year after. Once you have received your license, you can work as an appraiser, although you may be limited to appraising certain types of property. There are 2 higher certifications. While the qualifications may vary by state, there are some general practices.
   • After 1 year as a residential appraiser, you can apply to be a Certified Residential Appraiser. This requires around 200 hours of coursework and about 2,500 hours of experience.
   • The highest tier is Certified General Appraiser, which allows you to appraise any type of property. This requires 300 hours of coursework, a bachelor’s degree, and 3,000 hours of experience.

Working in Other Types of Appraisal

1. Earn a bachelor's degree to make yourself more marketable. While technically you don’t need a degree to do most types of appraisal work, most appraisal jobs will require at least a bachelor's degree. The type of degree you get depends on the type of work you want to do.
   • For example, if you want to go into art appraisal, a studio art or art history degree may be useful.
   • If you want to do machinery appraisal, courses in engineering and computer science may help.
   • Even if you don’t major in it, taking some math courses as part of your studies will help you handle the financial part of your job.
2. Take appraisal courses from a professional organization. While these courses are not technically required to become an appraiser, they can teach you the methods and procedures of appraisal.
   • The Appraisal Foundation strongly recommends that personal property appraisers complete about 120 hours of courses from a professional organization, such as the International Society of Appraisers.
3. Gain experience in the specialty that you want to work in. Appraisal work requires that you are an expert in a specific market or product so that you can make a proper valuation of the object. This means that the type of experience you need may vary based on the type of work you are doing.
   • For example, if you want to be an antiques appraiser, experience in a gallery, museum, or antiques store may be useful. You may also find that a degree or courses in art history and interior design will help.
   • If you hope to appraise boats, look for jobs or internships in the maritime industry. You might work for a yacht manufacturer or at a marina.
   • The International Society of Appraisers offers courses in appraising fine arts, furnishings, antiques, oriental rugs, and more.
4. Become certified to increase your marketability. Certification is not required for most appraisers, but it can help you advance in your career. A few different organizations offer certification. Entry requirements can vary. You you will typically have to take certain courses, pass an exam, and pay a fee to join.
   • For example, to become accredited by the American Society of Appraisers, you need a bachelor’s degree and 2 years of full-time experience. You must pass an exam on your specialty. If you pass, you should submit 2 reports from clients to be reviewed before acceptance.
   • Other organizations where you can seek accreditation from include the International Society of Appraisers and Appraisers Organization of America.

Getting a Job

1. Write a resume tailored to the position. Your resume should emphasize both your math and communication skills. Emphasize any experience you might have in your area of specialty. Construct the resume to appeal to the specific company or position you are applying to.
   • For example, if you want to go into real property appraisal, you might indicate any experience you have in real estate, land development, property insurance, or mass valuation.
2. Apply for appraisal jobs in your area. Search for appraisal jobs in your area. Be sure to look for jobs that suit your experience and your specialty. Some places that hire appraisers include valuation firms, banks, auction houses, lawyers, and insurance companies.
   • Look on job hunting websites, such as Monster or LinkedIn, to see what appraisal jobs are available.
   • Many professional organizations, such as the Appraisal Institute or American Society of Appraisers, have job postings on their website.
3. Act professionally during the interview. You may be interviewed before getting hired at a firm. This is a good time to demonstrate how you might interact with clients. Be honest and friendly during the interview. Dress in professional clothing, such as a blazer, button-up shirt, trousers, or a dress.
   • You may be asked about your experience and qualifications for the job. Try to make your experience sound relevant for the position you are being interviewed for.
   • Some firms may ask you how you will attract clients to the firm. In this case, emphasize your networking and communication skills. Any retail or marketing experience may be useful here.
   • In some cases, an interviewer may ask questions about the job. These should be questions that you can answer if you took the USPAP course.
4. Start your own appraisal practice if desired. Many appraisers work for themselves or start their own appraising business. Advertise your services by teaming up with local lawyers and banks. You might also drop your card off at auction houses, galleries, and insurance firms.
   • You may want to create a social media page for your business to attract clients.

Tips

• The median salary for appraisers is around $51,000 USD, but this can vary significantly based on specialty, geographic region, and experience.
• In certain fields, appraisers have different titles. For example, a person who appraises boats is called a marine surveyor.

References

__

Quick Summary

Template:Summary:Become-an-Appraiser

See also

• Prepare for a Banking Job
• Generate Promising Leads as a Loan Officer
• Become an Equity Analyst
• Become a Mortgage Loan Officer
• Become a Broker
• Prepare for IBPS Written Exam
• Find Legitimate Banking Jobs in Nigeria
• Get Mortgage Clients
• Become a Junior Stockbroker
• Be a Financial Planner

Read more ...

What links here

• Become a Gemologist