How Much Do House Appraisers Make – When most people think of real estate careers, they think of agents or brokers, but real estate appraisers play a critical role in real estate transactions. If you have an analytical mind and an interest in real estate, it might be time to consider a career as a real estate appraiser. What is a real estate appraiser? A real estate appraiser, also known as a real estate appraiser, is a professional who is called upon to determine the value of a home or property. This assessment is called an assessment. If you’ve ever wondered how a home gets its price, an appraisal is often part of the pricing process. Although most people are familiar with appraisers in the residential sector, appraisers can also work in commercial real estate. Commercial real estate appraisers determine the value of office buildings, shopping centers, hospitality and hotels, land, and more. What does a real estate appraiser do? A real estate appraiser provides an objective and unbiased estimate or evaluation of a property’s value. Appraisals are prepared for lease negotiations, mortgages, tax assessments and more. Appraisers inspect the property’s features and compare it to similar properties to determine its value. They consider the following when making their assessment: Determine the exterior condition of a property Assess the interior condition with a room-by-room walk-through Assess amenities such as a finished basement or pool Look for health or safety code violations After the appraiser has gathered information about the house, they will compare it to similar houses in the area to make an estimate. Strong analytical, critical thinking and writing skills are a must for real estate appraisers. Soft skills such as listening and verbal communication are equally important. With these skill sets, you will be well equipped to understand your client’s needs, complete your assessment, and clearly communicate your assessment. Appraisals are key to making sure the home buyer, mortgage lender, and seller get an accurate estimate of the home’s value. The mortgage lender or financing organization usually hires the appraiser. It often takes an hour or two to complete an assessment and you should receive your report within a few days. This period of time can vary depending on the size of the property, the type of report and other factors such as a credit or bank assessment. Real Estate Appraiser Salary The average salary for a real estate appraiser is $61,340 per year. Earnings range from $36 to $940 to $72,210 and, like many other fields, this range will vary based on your education and experience. while a licensed or certified real estate appraiser will earn much more. Appraisers can work for large appraisal companies, a local appraisal firm, a bank, or they can work independently. They are paid on an assessment basis, but some positions are salaried, especially when working for a larger firm or agency. Factors that can influence salary include: The individual appraiser’s experience and certifications The appraiser’s location The size of the property The location of the property The type of property being appraised Damages or repairs to the property For those who work independently, being an appraiser can be a very lucrative career. However, working for yourself often means working more hours and more days a week. You can search for real estate appraiser roles on job search websites to see how much appraisers earn in your area. one. 1. Understand the minimum requirements to become a real estate appraiser. The Appraisal Qualification Board (AQB) sets the minimum requirements, or Real Estate Appraiser Qualification Criteria, that aspiring appraisers in the US must meet. The training required to become a licensed or certified real estate appraiser varies by state—and some require state-specific courses in addition to those required by the AQB. The Appraisal Subcommittee (ASC) oversees individual states as they license and certify real estate appraisers. A complete list of state appraiser regulatory agencies can be found on the ASC website—the state agency will provide more information about state-approved courses, prerequisites, and exams. 2. Become a Trainee Appraiser. The next step to becoming a real estate appraiser is to start as a trainee appraiser. The following courses are required by AQB: Basic Appraisal Principles: 30-hour course Basic Appraisal Procedures: 30-hour course Uniform National Standards of Professional Appraisal Practice (USPAP): 15-hour course In addition to these courses, please confirm with your state. assessor regulatory agency to ensure you have met all course requirements. 3. Find a supervisory evaluator. Once the trainee courses are completed, the next task is to find a supervising assessor who can mentor you and oversee your assessments. Under the supervision of your supervisory assessor, you will need to gain approximately 1,000 hours of experience in no less than six months. To find a supervisor, explore local real estate appraiser organizations and sites like LinkedIn and Indeed – these are valuable resources to help you find supervisory appraisers in your area 4. Complete the necessary real estate appraisal courses. No college-level education is required, but you will need to take additional courses to make the leap from intern to licensed professional. Here is a summary of the minimum AQB requirements: Residential Market Analysis and Highest and Best Use: 15 hours Location Evaluation and Cost Approach for Residential Appraiser: 15 hours Residential Sales Comparison and Income Approach: 30 hours Residential Report Writing and Case Studies : 15 hours Again, be sure to check with your state’s appraiser regulatory agency to make sure you’ve met all state and national requirements. 5. Get approved to take the licensed residency exam. Now that your coursework and 1,000 hours of experience are complete, contact your local state advisory board to register for the licensed residency exam. The exam covers much of what you learned in your previous courses, such as: Types of Real Estate Value Real Estate and Investment Market Analysis Valuation Methods Valuation Mathematics Check with the organization you took your appraiser training with – it could be able to give you exam advice. Practice questions can also be found online so use them as the exam has 125 questions. You will have the option to take the exam in a proctored setting near you or take it from home with someone monitoring you via webcam. 6. Submit your application to become a licensed residential appraiser. Congratulations, you passed the exam. The final step is to submit your license application to your state licensing board, which can be found on the ACS website. Real Estate Appraiser License Trainee appraisers receive their license from their state once they have completed the required coursework, hours of experience, and passed the licensed residential exam. When licensed, they become licensed residential appraisers and can do appraisals on their own. With your license, you can conduct appraisals on your own without the supervision of a supervising appraiser. As a licensed residential appraiser, you have the ability to “…appraise non-complex one-to-four residential units that have a transaction value of less than $1,000,000 and complex one-to-four residential units that have a transaction value smaller. over $250,000.” Complex Versus Non-Complex Assessments But what is the difference between non-complex and complex? Non-complex often means that the property you are appraising is average compared to other properties in the area. A residential unit can be labeled complex if it is a historic property, a luxury beachfront home, or differs in architectural style from the homes around it. In other words, a complex property is atypical and contributing factors can be both internal and external – from property irregularities (eg community land trust) to the layout or location of the house. If you want to further your career in real estate appraisal and work on more complex cases, you can become a certified residential appraiser. Once you’ve met the minimum requirements, gained additional experience, and completed the necessary exams, you’re ready to apply to become a Certified Residential Appraiser. Is a reviewer role right for you? Appraiser ratings play an important role in the home buying process. As a licensed or certified real estate appraiser, you will present an accurate picture of a home’s value to the buyer, seller and lender. A career as an appraiser can be rewarding, but be sure to pay close attention to your state’s requirements. This article does not constitute legal advice. The steps required to obtain a real estate appraiser license may differ from state to state, so you should seek your own legal advice to ensure you are following the correct process. Editor’s note: This post was originally published in October 2018 and has been updated for completeness.
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How Much Do House Appraisers Make
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