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Are you thinking to become a real estate appraiser in Iowa? If so, you’ve come to the right place. This is the perfect career guide for you!
To become a real estate appraiser in Iowa, an applicant must:
- Complete 75-hour pre-licensing appraisal courses (including 15 hours of USPAP) and an AQB approved Supervisory/Trainee course)
- Apply for the Associate Appraiser license
- Work under the supervision of a certified appraiser
- Complete the CR/CG appraisal courses
- Pass the state appraisal exam
- Acquire work hours experience (2500 for CR, 3000 for CG)
- Submit application and fees to the Iowa Real Estate Appraisers Board
- Upgrade to a Certified Residential/ General Appraiser license
The Appraiser Board is responsible for issuing licenses and regulating appraisers to ensure that their practice can fulfill the law requirements and meeting the industry standard.
As a real estate appraiser in Iowa, your job is to provide an assessment of the properties’ market value for your clients. Your appraisal report could be used by a home buyer or seller, a mortgage lender who wants to understand the value of the collateralize assets, an individual who needs it for tax assessment or even lease negotiation.
Regardless of who is in needs of your appraisal services, your work products must remain objective, unbiased and professional.
There are 3 license levels in Iowa:
- Associate Appraiser
- Certified Residential Appraiser
- Certified General Appraiser
If you’re wondering what a real estate appraiser does and if it might be a good career for you, keep reading. I’ll explain all the steps to obtain a real estate appraiser license. Plus everything you need to know about this profession (i.e. pre-licensing course, exam format, income updates). So whether you’re just starting out in your career or you’re looking for a new challenge, read on!
But before we start, I want to give a brief disclaimer. This post is not intended as legal advice or state/federal real estate appraisal training. It is for general information only. Always follow your State Laws and best practices.
The first step to your appraisal career is to complete the pre-licensing courses from a trusted education provider. McKissock received an incredible rating from its students, and their online lessons are taught by instructors who have actual experience in the appraisal industry. You may click here to find out more about their courses. (**)
Table of Contents
- Infographic on obtaining a real estate appraiser license in Iowa
- How to Become an Associate Appraiser in Iowa?
- How to Become a Certified Residential Appraiser in Iowa?
- How to Become a Certified General Appraiser in Iowa?
- Table of all the required courses for each real estate appraiser license in Iowa
- Here’s how to register at the Iowa Commission of Real Estate Appraisers
- What is the Format of the Iowa Real Estate Appraiser Exam?
- FAQ on Iowa Real Estate Appraiser Career
- Career Tips for Aspiring Real Estate Appraisers in Iowa
Infographic on obtaining a real estate appraiser license in Iowa
How to Become an Associate Appraiser in Iowa?
To begin your journey as an appraiser, your first step is to become a Associate Appraiser. At this stage, you will be trained and supervised by a certified appraiser. An experienced supervisor could guide you into the right direction in this career.
The supervisory appraiser should provide you with hands-on appraisal techniques, effective ways to research on a property, and how to analyze the data. Most importantly, how to determine an unbiased estimation of the property’s market value.
Your daily routine could include doing property research, working on appraisal reports, or inspecting real estate together with the supervisor.
To get out the most from this trainee phase, it is recommended you to walk through each and every step in the appraisal process, observe carefully on how your mentor inspect and assess properties, and always raise your questions.
Step 1: Meet the basic requirement
- You must be at least 18 years old
- Have a valid Social Security Number
- No prior related experience is needed
Step 2: Complete the appraisal education
You need to complete the 75 hours of qualifying appraisal-related education and the Supervisor/Trainee course.
The 75-hour appraisal education curriculum will include the following:
- National USPAP Course -15 hours
- Basic Appraisal Principles- 30 hours
- Basic Appraisal Principles- 30 hours
Step 3: Register with the Iowa Real Estate Appraisers Board
Now you have completed the education prerequisites, your next step is to register with Appraiser Board. To do so, you need to submit an application to the Commission.
Step 4: Work under the supervision of a Certified Appraiser
So how do you find a supervisory appraiser? The Iowa Appraiser Board is actually being very helpful. They provide a list of potential supervisors on their website with their name, company, and phone number.
Alternatively, you could network with Certified Appraisers through different industry associations in your city, forums or even on LinkedIn. The more appraisers you connect to, the bigger the chance you could find a supervisor.
Before you and your mentor start working together, you would need to notify the Appraiser Board about the mentoring relationship.
You also need to keep track of your working hours with the board-approved experience log. This document is important for the purpose of upgrading your appraiser license in the future. There are two set of experience logs. One is for recording the residential work experience and the other is for the commercial project .
Keep in mind that you and the supervising appraiser are required to sign on every page of the experience log.
Here’s what I asked a Real Estate Appraiser Trainee about working with a supervisor
Jacob: “Is there anything you have learned in the field or from your supervisor that was not covered in the class?”
Katie: “Yes, I have learned so much through both my supervisor and working in the field. Through this, it has taught me how to properly measure a home, how to notice differences in materials used throughout the home, how to properly deal with clients (answering such questions that may come about or just overall explaining the process of how the appraisal works.)”
I conducted a full interview with Katie Holland, where she shared her journey and thought about the real estate appraisal industry. Be sure to check it out!
How to Become a Certified Residential Appraiser in Iowa?
As a Certified Residential Appraiser, you can assess for:
- residential properties with 1 to 4 residential units regardless of the transaction value or complexity.
- non-residential 1-4 units property given that the transaction value is no more than $250,000
Just like a Licensed Residential Appraiser, you could a self-employed appraiser running your own practice, servicing clients such as individuals, lenders, banks, or appraisal management companies (AMC).
Alternatively, you could work for an appraiser firm or financial institution to become their in-house appraiser, where you could enjoy the stable income and company’s benefits.
However, there is no restriction on the transaction value of residential properties you could assess. The scope of your practice and business opportunity would be a lot wider than being a Licensed Residential Appraiser. In fact, many reputable lenders and financial institutions only accept assessment work from Certified Appraiser.
That being said, let’s review the steps for you to become a Certified Residential Appraiser.
Step 1: Meet the Basic Requirement
- You must be at least 18 years old
- Have a valid Social Security Number
- Hold a Bachelor’s degree or higher
Step 2: Obtain appraisal work experience
You need to complete a minimum of 2500 hours of acceptable appraisal experience in not less than a 24 months period.
Step 3: Fulfill the appraisal education requirement
You’ll need to complete 200 hours of qualifying appraisal education from an approved course provider.
Since you should have taken some of the courses when becoming a Associate Appraiser, you are only required to complete the extra classes.
I included some details which could be helpful to your studying on our education resources page. Be sure to check it out.
Step 4: Register with the Iowa Real Estate Appraisers Board
Once you have fulfilled the education and working experience requirement, it’s time to submit the license application. Whenever possible, I encourage you to make the submission electronically online. Not only this is the quickest and most convenient way, but less paper mailing is also good for the environment.
You’ll find out more about the registration later in the post.
Step 5: Pass the Certified Residential Appraiser Exam
Doing multiple sets of practice questions is an excellent way to prepare for the exam and also boost your confidence. Most test centers would require you to bring at least two valid IDs to verify your identity. Don’t forget to bring them along. Else you won’t be able to write the exam.
Is being a real estate appraiser a good career? – Let’s hear from an industry professional
“Currently, I am a Principal Commercial Appraiser with the Hennepin County Assessor’s office. My primary responsibilities are to value real property for tax petition purposes and provide expert witness testimony.
Prior to joining the public service sector, I was an independent fee appraiser who owned a residential appraisal firm and was a partner in a commercial appraisal firm. I have been a real estate appraiser for 26 years.
The appraisal industry has amazing opportunities in both the public and private sectors. The appraisal industry is especially well suited for entrepreneurs who wish to operate their own businesses.
Brett Hall, MAI, SRA, Principal Commercial Appraiser at Hennepin County
Is real estate appraiser a good career? This is one of the common questions I hear a lot. Therefore, I spent months and months in connecting with different real estate appraisers. Here are their valuable insights about this profession. Make sure to check it out!
How to Become a Certified General Appraiser in Iowa?
So you want to explore appraising for commercial real estate? Then becoming a Certified General Appraiser would be the way to go!
This designation is the highest credential you could get in the appraisal industry. You could assess all types of real estate regardless of the transaction value or complexity. There is no limitation on the scope of your appraisal work.
Although you still could evaluate for residential properties, you could also be appraise a portfolio of commercial real estates for institutional investors.
Since your clients depend on your appraisal reports in making an informed investment decision, you must be extremely careful and responsible when handling your work. Extensive research and site inspections are often required. It is your responsibility to provide your clients with an objective appraised value as accurate as possible.
Due to the requirement of low margin of error in your work products, the amount of work experience and education required to become a Certified General Appraiser is the most challenging among all the levels of licensing.
So let’s go through the steps to get you this credential.
Step 1: Meet the Basic Requirement
- You must be at least 18 years old
- Have a valid Social Security Number
- Bachelor’s Degree in any field of study; or higher
Step 2: Obtain appraisal work hours
You must have at least 3000 hours of acceptable appraisal experience where they need to be obtained for over a 30 months period. A minimum of 1500 hours working experience needs to be from non-residential appraisal work.
Step 3: Fulfill the appraisal education requirement
You’ll need to complete 300 hours of qualifying appraisal education from an approved course provider.
You should have completed some of the courses when the previous appraiser license(s). Therefore, you are only required to complete the extra classes.
Step 4: Register with the Iowa Real Estate Appraisers Board
Once you have completed all the education and working experience prerequisites, you should fill out the license application. Later in this post, I’ll go over the documents and fees needed for the registration process.
Step 5: Pass the Certified General Appraiser Exam
The final step is to pass the Certified General Appraiser Exam. This is a 6 hours exam with 110 questions. The required passing score is 75 or higher.
Get enough sleep the night before the exam and have a good meal before it. Managing your stress level during the test is another key to passing it.
Table of all the required courses for each real estate appraiser license in Iowa
| Associate Appraiser (Credit Hours) | Certified Residential Appraiser (Credit Hours) | Certified General Appraiser (Credit Hours) |
|
|---|---|---|---|
| National USPAP Course or Equivalent | 15 | 15 | 15 |
| Basic Appraisal Principles | 30 | 30 | 30 |
| Basic Appraisal Procedures | 30 | 30 | 30 |
| Residential Market Analysis and Highest & Best Use | 15 | ||
| Residential Appraisal Site Valuation and Cost Approach | 15 | ||
| Residential Sales Comparison and Income Approaches | 30 | ||
| Residential Report Writing and Case Studies | 15 | ||
| Statistics, Modeling and Finance | 15 | 15 | |
| Advanced Residential Applications and Case Studies | 15 | ||
| Appraisal Subject Matter Electives | 20 | 30 | |
| General Appraiser Market Analysis and Highest & Best Use | 30 | ||
| General Appraiser Site Valuation and Cost Approach | 30 | ||
| General Appraiser Sales Comparison Approach | 30 | ||
| General Appraiser Report Writing and Case Studies | 30 | ||
| General Appraiser Income Approach | 60 | ||
| Total | 150 hours | 200 hours | 300 hours |
Study tip: Whenever possible, I prefer to take online courses. You can study at your own pace at the convenient of your home, library, or wherever there is internet access. Here’s an article review of an online school that I like.
Here’s how to register at the Iowa Commission of Real Estate Appraisers
Once you have fulfilled all the prerequisites, you could submit an online application to the Appraiser Board. In additional to the application, you must provide the following:
- Registration fee
- Supporting legal documents
- Evidence which shows you have completed the required hours of Board-approved appraisal courses. (i.e., Official transcripts, course completion certificates).
- Proof that you have fulfilled the specific requirement of post-secondary education for your license (i.e.: Diploma, official transcripts, certificates.)
- Stated Approved Appraiser Experience Log (Only if you are applying to become Licensed/Certified Appraiser)
If you have any questions, you could contact the Iowa Real Estate Appraiser Board at:
- Phone: 515.725.9025
- Address: 200 E. Grand Ave, Ste. 350, Des Moines, IA 50309
What is the Format of the Iowa Real Estate Appraiser Exam?
Once the State Board accepts your application, they will send you a notice with instruction to schedule the exam. PSI will administer the exam, where you can take it on a computer at their examination center.
- Certified Residential Appraiser Exam is a 4 hours exam;
- Certified General Appraiser Exam is a 6 hours exam
The exams consist of 125 questions. Only 110 questions will be scored, the other 15 are pretest questions. The required passing score is 75. You will immediately know your score once you finish writing the test.
The exam fee is $145.
To increase your chance in passing the exam on the first time, make sure to check out our exam hacks. In there, not only you will find the content of the exam, but also 10 effective tips on how to prepare for it.
FAQ on Iowa Real Estate Appraiser Career
How much does it cost to become a real estate appraiser in Iowa?
It costs between $1,641 to $2,441 to become a real estate appraiser in Iowa. That is the cost to obtain a real estate appraiser license, so the amount would hugely depend on which appraiser license you are pursuing, the pre-licensing courses you’re taking, and how much you’ll invest into preparing for the appraisal exam. Here’s the breakdown:
- Pre-licensing education: $950 to $1,400
- Application fee: $45
- Exam fee: $145
- $51 background check fee
- $150 Exam Application Fee
- Work Product Review Fee ($300 for Residential and $650 for General)
In addition to the above, there will be other expenses such as continuing education courses, E&O insurance, and business supplies such as a laptop, cell phone, and measuring device.
Some companies may pay or reimburse you if you work as their employee. But if you are running your own practice, these are the cost you need to account for yourself.
How long does it take to become a real estate appraiser in Iowa?
It takes 24 to 30 months to become a real estate appraiser in Iowa. That is the minimum period to complete the work experience so the duration would hugely depend on which appraiser license you are pursuing, the time it takes you to complete the work experience, pre-licensing courses and pass the appraiser exam.
It takes 2,500 hours of work experience to become a Certified Residential Appraiser in Iowa, and 3,000 hours to become a Certified General Appraiser.
How much do real estate appraisers make in Iowa?
Your income as a real estate appraiser depends on many factors such as your experience, licensing level, the type of properties you specialize in appraising, the company size, its location, and most importantly, the amount of effort you are willing to put into this career.
According to the Bureau of Labor Statistics (May 2021), real estate appraisers in Iowa make an average yearly income of $73,440. The income range typically ranges between $50,440 and $98,680. Top earning Iowa appraisers make over $127,760.
The average cost of a home appraisal is $315 – $420 in Iowa. However, the cost may vary depending on the complexity of the property, the time and skills it takes to complete the assignment. Commercial property appraisals could cost between $2,000 to $10,000.
Here’s a complete income guide on real estate appraisers in Iowa. In there, I will uncover the income updates, the percentage of appraisers that are making a good living, and whether being a commercial or residential appraisers has any effect on the income. So be sure to check it out!
How to renew a real estate appraiser license in Iowa?
All real estate appraisers in Iowa are required to renew their license every two year.
In addition to the renewal application, below are the requirements to renew your appraiser license:
- Finish 28 hours continuing education every 2 years, of which must include 7 hours of National USPAP Update.
- Starting 2013, you can obtain all the CE credits through online courses
- Pay the renewal fee
To prevent interruption to your appraisal practice, you should renew it and complete all continuing education requirement before the license expiry date.
Career Tips for Aspiring Real Estate Appraisers in Iowa
Tip#1: Start Taking the pre-licensing courses asap
You could read as much about the appraisal career as you want, but your journey would not begin unless you start taking action.
Taking the real estate appraiser classes would be your first step. Not only you could gain valuable knowledge and practical skills, but you will also have a better understanding about what is like to be an appraiser.
Besides, most states would require you to complete all the trainee education before your working experience could count toward the licensing requirement.
Tip#2: Network with other real estate professionals in Iowa
Talking to other appraisers in Iowa is a good way to gain a better understanding about the appraisal industry. You could do so by joining industry affiliations, online forums or even LinkedIn groups. For instance,
Begin with a friendly conversation. Let them know that you are starting your career as an appraiser, ask them if they have any tips or advice for newbies to the industry.
In addition, you should network with other professionals in the real estate field. Mortgage agents, lenders, and realtors can all provide you with valuable insight, which could be very helpful to your career building in the long haul.
Tips#3: Consider the commercial real estate niche
Just like many other states, the business to appraise for residential properties could be quite competitive. Well, as you could imagine, there is a considerable overlap of targeted customers for the first three levels of licensing.
To differentiate your skills and broaden your scope of practice, you could consider pursuing the Commercial General Appraiser designation as your long-term goal.
Here’s an article you might be interested: “Is Commercial Real Estate Appraisal a Good Career?” In there, a CRE appraiser shared his view on what he thinks about this profession.
If you are reading up to this point, I bet you must be interested in the real estate appraiser profession. Your first step is to complete the pre-licensing courses. You should select one that has an excellent reputation and long-term track record of satisfying students. McKissock is exactly that! You may click here to check it out yourself. (**)
(**) Affiliate Disclosure: Please note that some of the links above are affiliate links, and at no additional cost to you. Our company, JCHQ Publishing will earn a commission if you decide to make a purchase after clicking on the link. Please understand that we include them based on our experience or the research on these companies or products, and we recommend them because they are helpful and useful, not because of the small commissions we make if you decide to buy something through the links. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.
Disclaimer: The information in this post is for general information only, and not intend to provide any advice. They are subjected to change any notice, and not guaranteed to be error-free. For full and exact details, please contact The Iowa Real Estate Appraisers Board.
Reference:
- Mckissock Learning- Iowa Appraisal License Requirements: https://www.mckissock.com/appraisal/licensing/Iowa/requirements/
- Mckissock Learning- Learn Appraisal Educational Requirements for Iowa: https://www.mckissock.com/appraisal/continuing-education/Iowa/requirements/
- The Appraisal Foundation- National Uniform Licensing and Certification Examinations: http://www.appraisalfoundation.org/imis/TAF/Standards/Qualification_Criteria
- sokanu – How much does a Real Estate Appraiser make in Iowa? https://www.sokanu.com/careers/real-estate-appraiser/salary/Iowa
- salary.com- Salary for Appraiser (Commercial Real Estate) in Iowa: https://www1.salary.com/IA/Appraiser-Commercial-Real-Estate-Salary.html
- salary.com- Salary for Appraiser (Residential Real Estate) in Iowa: https://www1.salary.com/IA/Appraiser-Residential-Real-Estate-Salary.html
- Iowa Real Estate Appraisers Board – https://www.idob.state.ia.us/reap/
- Iowa Real Estate Appraiser Licensing Information Bulletin (source)
- HomeAdvisor – How Much Does A Home Appraisal Cost? (source)
