(**) Disclosure: This post may contain affiliate links, meaning RealEstateCareerHQ.com will get a commission if you decide to make a purchase through the links, but at no additional cost to you.
To become a real estate appraiser in Indiana, an applicant must:
- Complete 75 creditable hours of appraisal courses (including 15 hours of USPAP) and an AQB approved Supervisory/Trainee course)
- Apply for the Appraiser Trainee license
- Work under the supervision of a certified appraiser
- Complete the Certified Residential/General appraisal courses
- Pass the state real estate appraiser exam
- Obtain work hours experience (2500 for CR, 3000 for CG)
- Submit an application and fee to the Indiana Real Estate Appraiser Licensure & Certification Board
- Upgrade to a Certified Residential/General Appraiser license.
The Indiana Real Estate Appraiser Licensure & Certification Board is the regulatory agency which governs individuals and companies that appraise the value of real estate, and also appraisal management companies (AMCs), in accordance with federal guidelines.
As a real estate appraiser in Indiana, your primary goal is to come up with an appraisal report which determines the market value of a property. Your assessment 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 divorce settlement or estate arrangement.
Regardless of who is in needs of your appraisal services, your main focus is to provide an independent, unbiased estimate of value of a real property.
There are 3 types of appraiser license in Indiana, which are the Appraiser Trainee, Certified Residential Appraiser, and Certified General Appraiser.
This is a complete guide for those considering to become a real estate appraiser in Indiana. You’ll find the step by step instruction to obtain the Indiana real estate appraiser license, the income details, the format of the exam, FAQ and practical career tips.
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.
How to Become an Appraiser Trainee in Indiana?
Becoming an Appraiser Trainee is the first step to your career.
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 practical appraisal methods, how to conduct research on a property, how to extract important information from the data. Of course, 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 stage, it is recommended you to walk through each and every step in the appraisal process, observe carefully on how your supervisor inspect and evaluate real estate, 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 90 hours of qualifying appraisal-related education, and AQB Supervisor/Trainee Course.
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.
Step 3: Register with the Indiana Real Estate Appraiser Licensure & Certification Board
Now you have completed the education prerequisites, your next step is to register with State Board. If the Appraisal Board in your state has the online submission available, then I would strongly encourage you to use that option. Not only this is the quickest and most convenient way, but less paper mailing is also good for the environment.
Step 4: Work under the supervision of a Certified Appraiser
As an Appraiser Trainee in Indiana, your assignment could also involve appraising commercial property, but only given your supervisor is a Certified General Appraiser.
Once you start working alongside with a supervisor, you 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.
Also, 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 Indiana?
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 in Indiana only accept assessment work from Certified 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
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 an Appraiser Trainee or Licensed Residential Appraiser, you are only required to complete the extra classes.
Step 4: Register with the Indiana Real Estate Appraiser Licensure & Certification Board
Once you have fulfilled the education and working experience requirement, it’s time to submit the license application. The Licensing Board in some states may require you to apply within a specific period after you complete the pre-licensing education. Therefore, don’t wait till it expires!
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.
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.
How to Become a Certified General Appraiser in Indiana?
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.
Of course, the first step is to become a Certified General Appraiser, so let’s go through the steps to obtain this designation.
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 experience
You must have at least 3000 hours of acceptable appraisal experience where they need to be obtained for over a 30 months period. Also, a minimum of 50% of working hours must be devoted to non-residential appraisal work.
Step 3: Complete the appraisal education
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 license(s). Therefore, you are only required to complete the extra classes.
Step 4: Register with the Indiana Real Estate Appraiser Licensure & Certification Board
Once you have completed all the education and working experience prerequisites, you should fill out the license application.
Most State Boards allow you to apply through their website. Some would even charge a lower registration fee by doing online. You should definitely check out this option.
Step 5: Pass the Certified General Appraiser Exam
The final step is to pass the Certified General Appraiser Exam. 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.
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!
What are the specific required courses for each appraiser license?
| Trainee 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 | 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 | 90 hours | 200 hours | 300 hours |
In addition to the above course work, Trainee Appraisers are required to complete the AQB Supervisor/Trainee course.
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.
How to register at the Indiana Real Estate Appraiser Licensure & Certification Board?
Once you have fulfilled all the prerequisites, you could submit your application to the “Real Estate Appraisers Licensure & Certification Board”.
Here are the links to download the:
In additional to the form, you must provide the following:
- Application 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 also contact the Indiana Real Estate Appraiser Licensure & Certification Board at (317) 234-3009 and pla9@pla.in.gov
More Details about the Indiana Real Estate Appraiser Exams
Once the Indiana Real Estate Appraiser Licensure & Certification Board approves your application, they will send you a notice with instruction to schedule the exam. Pearson Vue 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 licensed and certified 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.
There will be a $71 exam fee.
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 Indiana Real Estate Appraiser Career
How long does it take to become a real estate appraiser in Indiana?
It takes 24 to 30 months to become a real estate appraiser in Indiana. 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 Indiana and 3,000 hours to become a Certified General Appraiser.
How much does it cost to become a real estate appraiser in Indiana?
It costs between $1,121 to $1,571 to become a real estate appraiser in Indiana. Here’s the breakdown:
- Pre-licensing education: $950 to $1,400
- Application fee: $100
- Exam fee: $71
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.
Is there a demand for real estate appraisers in Indiana?
According to the Appraisal Subcommittee, there are 2210 in total. The breakdown is as follow:
- 961 Certified General Appraiser
- 1046 Certified Residential Appraiser
- 203 Licensed Residential Appraiser
Indiana is the home to an estimate of 6.7 million, with Indianapolis as the largest city and Marion as the largest county by population.
With such a population, you could imagine there would be activities related to buying and selling of real estate property, foreclosures, divorce, and settling estate. All these transactions could translate into a demand of real estate appraisers in Indiana.
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 much do real estate appraisers make in Indiana?
Your earning ability as a real estate appraiser is subjected to many variables 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, property appraisers and assessors in Indiana make an average yearly income of $46,040. The income range typically ranges between $37,760 and $55,940. Top earning Indiana appraisers make over $76,100
The average cost of a home appraisal is $325 – $405 in Indiana. 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 Indiana. In there, you’ll find 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 the real estate appraiser license in Indiana?
All real estate appraisers in Indiana 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 24 months, of which must include 7 hours of National USPAP Update course.
- Also, starting on September 27, 2013, the Real Estate Appraiser Licensure & Certification Board requires you to take the USPAP no later than 6 months after the newest version is released, which is typically around October of the odd year.
- Pay the renewal fee. ($110 for Trainee Appraiser, $190 for Certified Appraisers)
To prevent interruption to your appraisal practice, you should renew it and complete all continuing education requirement before the license expiry date. The appraiser license renewal can be done online.
Career Tips for Aspiring Real Estate Appraisers in Indiana
Tip#1: Take the appraisal 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.
I included some details which could be helpful to your studying on our education resources page. Be sure to check it out.
Tip#2: Network with real estate professionals in Indiana
Networking with other appraisers in Indiana 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.
Tip#3: Consider the commercial real estate route
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 Indiana Real Estate Appraiser Licensure & Certification Board.
Reference:
- Mckissock Learning- Indiana Appraisal License Requirements: (Source)
- Mckissock Learning- Learn Appraisal Educational Requirements for Indiana (Source)
- The Appraisal Foundation- National Uniform Licensing and Certification Examinations: (Source)
- sokanu – How much does a Real Estate Appraiser make in Indiana? (Source)
- salary.com- Salary for Appraiser (Commercial Real Estate) in Indiana: (Source)
- salary.com- Salary for Appraiser (Residential Real Estate) in Indiana: (Source)
- Indiana Real Estate Appraiser Licensure & Certification Board (Source)
- Appraisal Subcommittee- Active Appraiser Credentials Summary Report (Source)
- HomeAdvisor – How Much Does A Home Appraisal Cost? (source)
