(**) 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.
There are over 2 million people residing in New Mexico, where many of them are concentrated into the Bernalillo County. Albuquerque is the city with the most population, followed by Las Cruces, Rio Rancho and Santa Fe.
As a real estate appraiser in New Mexico, it is your job to give an objective estimation of properties’ market value for your customers. Your appraisal report could be used in many different situation. For example, during a home purchasing/selling, refinancing, tax assessment, divorce settlement, estate arrangement and many other purposes.
Regardless of who you are working for, your assessment must remain objective, unbiased and professional.
There are four types of licenses in New Mexico, they are:
- Trainee Appraiser
- Licensed Residential Appraiser
- Certified Residential Appraiser
- Certified General Appraiser
To become a real estate appraiser in New Mexico, you would start off in working as a trainee, then upgrade your designation in becoming a Licensed or Certified Appraiser. You must complete the qualifying appraisal classes, work experience requirement and register with the New Mexico Real Estate Appraisers Board. The Board is responsible for issuing the licenses and regulating the appraisal industry.
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. (**)
How to Become a Trainee Appraiser in New Mexico?
This is the very first step of your career in the appraisal industry, where you will be trained and supervised by a certified appraiser.
The supervising appraiser should provide you with hands-on appraisal techniques, effective approach to conduct property research and analyze the information. Most importantly, how to come up with an unbiased estimation of the property’s market value.
Your daily duties could involve doing property and market research, working on appraisal reports, and going on-site to inspect real estates with your trainer.
To get out the most from this training phase, you should walk through every step in the appraisal process, review carefully on how your mentor inspect and assess real estate, and always raise your questions.
5 Steps to Become a Trainee Appraiser in New Mexico
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
- No college-level education is required
Step 2: Complete the Pre-License Education
You must complete the 75 hours of qualifying classes and the Supervisor/Trainee Appraiser 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: Pass the New Mexico Real Estate Appraisers Board-State Jurisprudence Exam
This is a state exam with 20 multiple choice questions. The passing score is 70%.
Step 4: Submit Application to the the New Mexico Real Estate Appraisers Board
After you have passed the classes, your next step is to get registered.
Step 5: Find a Certified Appraiser to be Your Supervisor
So how do you find a supervisory appraiser? You could start meeting with Certified Appraisers through industry coalition in your city, online forums or even social media. The more appraisers you talk to, the bigger the chance you could find a supervisor.
Once you start working alongside with a supervisor, you and your supervisor would need fill out the supervisor declaration form. This is to notify the Appraisers Board about the mentoring relationship.
You should maintain a good record of your working hours with the board-approved experience log. You’ll need to submit them when upgrade your license to become a Licensed/Certified appraiser.
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 Licensed Residential Appraiser in New Mexico?
As a Licensed Residential Appraiser, you can assess non-complex residential properties with 1-4 units, while the transaction value is cannot be more than $1,000,000. Although you can also appraise complex properties, the maximum value is up to $250,000.
When working as a fee-based appraiser, you could be writing appraisal reports for clients such as individuals, lenders, banks, or appraisal management companies (AMC). Your job duties could include doing research online, going on the field to inspect properties, and writing the appraisal reports.
On the other hand, you could also be employed by an appraiser company or financial institution as their in-house appraiser, where you could enjoy the stable income and employee’s benefits.
This license could be worth considering for those who have not fulfilled the necessary work experience or college-level education to become a certified appraiser but wish to advance their scope of practice beyond the Trainee Appraiser title.
5 Steps to Become a Licensed Residential Appraiser in New Mexico
Step 1: Meet the Basic Requirement
- You must be at least 18 years old
- Have a valid Social Security Number
- Hold an Associate Degree or higher. Or complete 30 semester credit hours which cover specific subjects recognized by the Appraisal Board.
Step 2: Complete the Required Hours of Working Experience
You must have at least 2000 hours of acceptable appraisal experience, which are obtained for over a 12 months period.
Step 3: Fulfill the Education Requirement
You’ll need to complete 150 hours of qualifying appraisal education from an approved course provider.
Step 4: Submit Application to the New Mexico Real Estate Appraisers Board
After you have completed the education and working experience requirement, you should submit the application to the the Appraisers Board along with other required documents.
Step 5: Pass the Licensed Residential Appraiser Exam
Now it’s the time to write the exam!
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 Residential Appraiser in New Mexico?
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
Similar to being a Licensed Residential Appraiser, you could work for an appraisal firm, financial institution or the government to become their in-house appraiser, where you could enjoy the stable income and employee’s benefits.
Alternatively, you could be a self-employed appraiser running your own business, servicing clients such as individuals, lenders, banks, or appraisal management companies (AMC).
However, being a Certified Residential Appraiser, there is no restriction on the transaction value of residential real estate you could assess. The scope of your practice and business opportunity would be a lot wider than being Licensed. In fact, many reputable lenders and financial institutions in only accept appraisal report from Certified Appraiser.
That being said, let’s go over the steps to become a Certified Residential Appraiser.
5 Steps to Become a Certified Residential Appraiser in New Mexico
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: Complete the Appraisal Work Experience
You need to complete at least of 2500 hours of acceptable appraisal experience in not less than a 24 months period.
Step 3: Fulfill the Education Requirement
You’ll need to complete 200 hours of qualifying appraisal classes from an approved course provider.
You should have taken some of the courses when becoming a Trainee or Licensed Residential Appraiser. Therefore, you just need to make up for the extra classes.
Step 4: Submit Application to the New Mexico Real Estate Appraisers Board
It is time to submit the license application.
Step 5: Pass the Certified Residential Appraiser Exam
Here’s a Snippet of What Jamie Owen Thinks About Being a Real Estate Appraiser!
“The more you learn, the more you will enjoy being an appraiser.”
“I think that humility and honesty are the most important attributes. Humility is important because if we think we know it all, we are going to be in trouble. Being appraiser requires not being thin-skinned and defensive. Others have their opinions and we have ours. Both may be supportable in one way or another.
Being humble helps us to respect the views of others and not be offended if others have a different view. Humility also helps with business relationships, as well as accepting guidance and reminders when we need them, from peers and others.”
– Jamie Owen, Certified Residential Real Estate Appraiser at Aspen Appraisal Services
Here’s an exclusive interview with Jamie. He shared with us his journey and valuable experience in the appraisal industry. You’ll also learn what it is like to be a real estate appraiser nowadays.
How to Become a Certified General Appraiser in New Mexico?
So you want to advance your career into appraising commercial real estate? Then becoming a Certified General Appraiser would be the way to go!
This license type is the highest one you could get in the appraisal industry. You could evaluate 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 appraise 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 help you obtain this license.
5 Steps to Become a Certified General Appraiser in New Mexico
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: Complete the Required Hours of Working Experience
You must have at least 3000 hours of acceptable appraisal experience where they need to be obtained for over a 30 months period. At least 1500 hours needs to be from non-residential appraisal work.
Step 3: Fulfill the 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 license(s). Therefore, you are only required to complete the extra classes.
Step 4: Submit Application to the New Mexico Real Estate Appraisers Board
Once you have completed all the education and working experience prerequisites, you should fill out the license application.
Step 5: Pass the Certified General Appraiser Exam
The last step is 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!
Courses Requirement for New Mexico Real Estate Appraiser
| Trainee Appraiser (Credit Hours) | Licensed Residential Appraiser (Credit Hours) | Certified Residential Appraiser (Credit Hours) | Certified General Appraiser (Credit Hours) |
|
|---|---|---|---|---|
| (a) Basic Appraisal Principles | 30 | 30 | 30 | 30 |
| (b) Basic Appraisal Procedures | 30 | 30 | 30 | 30 |
| (c) National USPAP Course or Equivalent | 15 | 15 | 15 | 15 |
| (d) Residential Market Analysis and Highest & Best Use | 15 | 15 | ||
| (e) Residential Appraisal Site Valuation and Cost Approach | 15 | 15 | ||
| (f) Residential Sales Comparison and Income Approaches | 30 | 30 | ||
| (g) Residential Report Writing and Case Studies | 15 | 15 | ||
| (h) Statistics, Modeling and Finance | 15 | 15 | ||
| (i) Advanced Residential Applications and Case Studies | 15 | |||
| (j) Appraisal Subject Matter Electives | 20 | 30 | ||
| (d2) General Appraiser Market Analysis and Highest & Best Use | 30 | |||
| (f2) General Appraiser Sales Comparison Approach | 30 | |||
| (g2) General Appraiser Site Valuation and Cost Approach | 30 | |||
| (h2) General Appraiser Income Approach | 60 | |||
| (i2) General Appraiser Report Writing and Case Studies | 30 | |||
| Total | 75 hours | 150 hours | 200 hours | 300 hours |
Note that:
- Trainee cannot take the courses online.
- Licensed/Certified Residential Appraiser cannot complete more than 50% of the courses labeled (d) through (g) online.
- Certified General Appraiser cannot complete more that 50% of the courses labeled (d2), (e), (f2), (g2), (h2), (i2), (j) online.
I included some details which could be helpful to your studying on our education resources page. Be sure to check it out.
Register with the New Mexico Real Estate Appraisers Board
Once you have fulfilled all the prerequisites, you could submit the application to the Appraisers Board.
In additional to the application, you must provide the following:
- Registration fee (The amounts are listed on the application)
- 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)
- 2 X 2 inch photo
If you have any questions, you could contact the the New Mexico Real Estate Appraisers Board at
- Address: Toney Anaya Building, PO Box 2510 1 Santa Fe, New Mexico 87504
- Phone: (505) 476-4622
- Email: nm.reab@state.nm.us
New Mexico Real Estate Appraiser Exam
Once the State Board accepts 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.
- Licensed Residential Appraiser Exam is a 4 hours exam,
- 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.
You could find out more details in National Appraisers Examination Candidate Handbook.
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.
New Mexico Appraiser License Renewal and Continuing Education Requirements
All real estate appraisers in New Mexico are required to renew their license every two year.
In addition to the online 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 course.
- If the continuing education cycle period is less than 185 days, then CE course is required.
- If the continuing education cycle periods is between 185 to 365 days, then 14 hours of CE classes are required.
- No more than 14 hours of courses can be taken online.
- Pass the Jurisprudence Examination at each renewal period. This is the one we had discussed in the Trainee Licensing Requirement. The fee to submit this test is $95.
- Pay the renewal fee
To prevent interruption to your appraisal practice and paying the late fee, you should renew it and complete all continuing education requirement before the license expiry date.
FAQ on New Mexico Real Estate Appraiser Career
How long does it take to become a real estate appraiser in New Mexico?
It takes 12 to 30 months to become a real estate appraiser in New Mexico. 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 2,000 hours of work experience to become a Licensed Residential Appraiser in New Mexico, 2,500 hours to become a Certified Residential Appraiser and 3,000 hours to become a Certified General Appraiser.
How much do real estate appraisers make in New Mexico?
Your income as a real estate appraiser depends on many factors such as your skills, 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 New Mexico have an average annual income of $47,310. The yearly income range typically ranges between $37,300 and $60,960. Top earning property appraisers in New Mexico more than $63,150 per year.
Here’s a complete income guide on real estate appraisers in New Mexico. 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!
Career tips for Aspiring Real Estate Appraisers in New Mexico
Tip#1: Take the Appraisal Classes Asap
You could read as much about the appraisal career as you want, but your journey would only start when you take 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.
To assist you in the selection process, here’s a review of the appraisal courses provider that we like.
Tip#2: Network with Other Real Estate Professionals in New Mexico
Getting to know other appraisers in New Mexico could help you gain a better understanding about the appraisal industry. You could do so by joining industry coalitions, online forums or even social media groups. Here is a couple for your reference.
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.
Furthermore, you should network with other real estate professionals. Mortgage agents, lenders, and realtors can all provide you with valuable insight, which could be very helpful to your career building in the long run.
Tip#3: Consider the Commercial Real Estate Route
Just like many other states, the business to appraise for residential properties could be quite competitive. As you could imagine, there is a considerable overlap of targeted customers for the first three levels of licensing.
To advance your skills and broaden your scope of practice, you could consider pursuing the Commercial General Appraiser designation as your long-term goal.
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 New Mexico Real Estate Appraisers Board .
Reference:
- 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 New Mexico? https://www.sokanu.com/careers/real-estate-appraiser/salary/New-Mexico
- salary.com- Salary for Appraiser (Commercial Real Estate) in New Mexico: https://www1.salary.com/NM/Appraiser-Commercial-Real-Estate-Salary.html
- salary.com- Salary for Appraiser (Residential Real Estate) in New Mexico: https://www1.salary.com/NM/Appraiser-Residential-Real-Estate-Salary.html
- New Mexico Real Estate Appraisers Board – http://www.rld.state.nm.us/boards/Real_Estate_Appraisers.aspx
