Before you think about buying, selling, or performing any transaction involving residential or commercial property, getting the professional opinion of a property appraiser is crucial. There are a lot of reasons why their expert opinion of the property’s value is needed. Before we talk more about it, we encourage you to check out PropertyAppraisers on articles for your local property appraisers.
What are Property Appraisers?
Property appraisals are done by third-party bodies or persons with no interest in the transaction. These property appraisers are tasked to give objective, impartial, and unbiased opinions on real property. As we’ve mentioned earlier, their professional opinion matters for various purposes. For example, professional appraisals are needed for:
- Mortgage lending
- Tax assessments and appeals of these assessments
- A negotiation that involves buyers and sellers
- Government acquisition of private property to be converted for public use
- Mergers and dissolutions
- Negotiations of leases
To do this, appraisers must come up with a detailed report about the property in question. This report must contain details about the property’s value and why it was given such a value. During the appraisal process, appraisers usually look at factors like architectural features, environmental factors, and the current condition of the structure.
Read more on PropertyAppraisers:
- Indian River County Property Appraiser
- Orlando Property Appraiser
- Gulf County Property Appraiser
- Columbia County Property Appraiser
- Wakulla County Property Appraiser
Qualifications to Become Property Appraisers
The Appraisal Qualification Board determines the minimum standards for education, experience, and licensing for the position. However, some states might require more than the minimum criteria set by the AQB for applicants to become licensed or certified. Depending on what type of appraiser position you’re applying for, you will have to meet different requirements as shown below:
|Requirements||Licensed Residential Appraiser||Certified Residential Appraiser||Certified General Appraiser|
|Education Hours||150 hours in a 12-month period||200 hours in a 24-month period||300 hours of in a 30-month period|
|Hours of Experience||2,000 hours in a 12-month period||2,500 hours in a 24-month period||3,000 hours in a 30-month period|
Aside from meeting the education and experience hours, applicants must also meet the two other requirements: 1) license or certification based on state laws, and 2) pass the state exam. State laws require specific education and work experience before they can license or certify you as an appraiser. To maintain your appraiser’s license or certification, you must also meet the continuing education requirement.
Getting licensed or certified as a property appraiser will bring a lot of benefits and opportunities. Here are some of the things you can enjoy if you pursue a career in property appraisal:
Salary Range and Benefits of Property Appraisers
The income of an appraiser depends on their experience and the job given to them. New appraisers usually work independently while they earn experience and skills. According to the statistics of the Bureau of Labor, the average annual income of appraisers was at around $43,390 in 2004. Meanwhile, the 10% top paid appraisers earned more than $81,240 yearly.
Prospects and Opportunities
Qualified appraisers with experience may become senior appraisers or senior land examiners. Some appraisers may become experts in a specific type of property, such as new or farming properties. Those with a four-year certification may apply for executive positions in commercial banks.
According to the U.S. Authority of Labor Statistics, the work of appraisers was required to become quicker compared to other occupations somewhere between 2004 and 2014. As the populace develops, land action and requirements for appraisers should keep on expanding. Even though this field is sensitive to changes in the economy and fluctuating loan costs, opportunities will continue coming for general appraisers. This is because there are high turnover and substitution rates for this occupation.
Frequently Asked Questions
Property appraisers are tasked to give objective, impartial, and unbiased opinions of real property. Their opinions are important for performing different transactions, such as:
– Mortgage lending
– Tax assessments and appeals of these assessments
– A negotiation that involves buyers and sellers
– Government acquisition of private property to be converted for public use
– Mergers and dissolutions
– Negotiations of leases
Based on the AQB, an applicant must meet a certain number of education and experience hours. The number depends on what type of appraiser position you are applying for.
Licensed residential appraisers must meet 150 education hours and 2,000 hours of experience over a period of 12 months. Certified residential appraisers must 200 education hours and 2,500 hours of experience over a period of 24 months. Certified general appraisers must 300 education hours and 3,000 hours of experience over a period of 30 months.
Aside from meeting the education and experience hours, applicants must also meet the two other requirements: 1) license or certification based on state laws, and 2) pass the state exam.
Before you find an appraiser, you must first make sure that you need one. Second, make sure the appraiser is licensed or certified by the state. After you’ve narrowed down the appraisers in your state, request for references, expert assignments, or association memberships. You may also check PropertyAppraisers for more information on your state/county appraisers.
Appraisers use three traditional examination approaches which are: the sales comparison approach, the cost approach, and the income finalization approach. Appraisers commonly use the sales comparison approach in determining the value of real property.