(**) Disclosure: This post may contain affiliate links, meaning our company, JCHQ Publishing will get a commission if you decide to make a purchase through the links, but at no additional cost to you.
As you are considering to become a real estate appraiser, you probably have lots of questions in your mind. After all, it does take time and investments to start a new career. I have been blogging on this profession for quite some time now. Throughout my research and connection with industry participants, I see that there is a set of career questions that are commonly asked.
So below are the questions. I’m sure they could give you some good insight on whether being an appraiser is the profession for you. Also, I wrote in-depth posts for most of this question and left the links below the short answers. Make sure to check them out!
General Questions
What do real estate appraisers do?
Real estate appraiser is to provide an opinion of the market value for properties. The appraisal report must be independent, unbiased and done with approaches that are acceptable according to the USPAP standard.
Is real estate appraiser a good career?
Real estate appraiser could be a good career choice if you enjoy conducting research, analyze data and inspecting different properties.
I interviewed many appraisers and gathered their feedback. Here’s an article where they shared their valuable experience and insight about this career path. You could also find helpful tips and ideas if you are planning to become a property appraiser.
Is there a demand for real estate appraisers?
Yes, there is a great demand for real estate appraisers. According to Bureau of Labor Statistics, the employment of appraisers and assessors of real estate is expected to grow 14 percent from 2016 to 2026. This rate is faster than the average for most occupations.
Currently, there is a huge shortage of appraisers in the U.S. The estimated population density per appraiser is over thousands in many states.
How to become a real estate appraiser?
To become a real estate appraiser, you must fulfill:
- Qualifying education of appraisal courses
- Required hours of appraisal work
- Pass the real estate appraisal exam
- Register with the Real Estate Appraisal Board in your state
Check out the licensing requirement in your state.
What is average salary of a real estate appraiser?
Real estate appraiser could earn as little as $20,000 to over $200,000 per year. According to Bureau of Labour Statistics in May 2017, the median yearly salary for real estate appraisers in the US $54,010 .
The significant earning gap could attribute to the level of license, skill, experience, type of real estates you specialize in appraising, working part-time or full-time and others.
Here’s a post that dives more in-depth about the salary of real estate appraiser.
How long does it take to become a real estate appraiser?
Becoming a real estate appraiser could take 6 to 18 months. But this depends on the level of licenses you are pursuing, the amount of time you’ll need to complete the required hours of appraisal work, qualifying education and pass the exam.
Each state could impose an additional licensing requirement which could extend the time it takes to become an appraiser.
Where can I find a real estate appraiser school?
You can find the real estate appraiser school from the regulatory board in your state. They’ll have a list of approved appraisal education providers.
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 pass the real estate appraisal exam?
To pass the real estate appraisal exam, you need to:
- Take classes from a state board approved course provider
- Read over the appraiser examination candidate handbook
- Review the USPAP manual
- Work on practice exams
Click here for the 10 tips to help you pass the real estate appraisal exam.
How much do appraisers charge?
Appraisers would charge an average of $300 to $500 per appraisal report. This is for a home appraisal with inspection time of roughly two hours. The charge could vary depend on the complexity and the location of the assignment.
Here’s a guide with more info about appraisal fees.
How do I start my own appraisal business?
To start your own appraisal business, you should:
- Pick a Niche Market
- Obtain the Real Estate Appraiser License
- Establish a Business Entity
- Open a Business Bank Account
- Setup an Office Space
Here is an article with “16 Practical Steps to Start a Real Estate Appraisal Business.“
How many real estate appraisers in the US?
There are 94638 real estate appraisers in US. This is according to the Active Appraiser Credentials Summary Report on the Appraisal Subcommittee website displayed as of Jan 2019 .
Where can I find real estate appraiser jobs?
To find real estate appraiser jobs, you could check out different career websites online. You could also contact appraisal firms and assessor’s offices in your area to see if there is any job opening.
Here’s a post: “How do Appraisers Find Work?“
Appraiser Trainee Questions
What does an appraiser trainee do?
As an appraiser trainee, your job could involve collecting data about the real estates, its proximity, market trends, zoning, comparable and inspecting properties with the supervisory appraiser.
You will be working under the supervision of a Certified Appraiser.
How do I become a trainee appraiser?
To become a trainee appraiser, you need to:
- Complete the 75 hours of qualifying education and the AQB Supervisor/Trainee course
- Find a supervisory appraiser
- Register with the appraisal regulatory board in your state
Click here to learn more about being a trainee appraiser.
How much does an appraiser trainee make?
The average annual income of trainee appraisers is $35,801 in the US. This is according to figures displayed on payscale.com on Dec 7, 2018.
How to find a supervisory appraiser?
To find a supervisory appraiser, you can connect with certified appraisers by joining the real estate appraisal coalition in your state. You also need to understand what are the causes of their hesitation, how can you be useful to their appraisal team, and different ways in locating the potential supervisors.
Check out the 10 effective tips in finding a supervisory appraiser.
Home Appraiser Questions
What does a home appraiser do?
A home appraiser is mainly responsible for assessing residential properties. The appraisal could be used for home purchasing/selling, refinancing, obtaining a mortgage, estate sale, divorced settlements, and others.
How to become a home appraiser?
To become a home appraiser, you’ll need to obtain the license for being either a Licensed Residential Appraiser or Certified Residential Appraiser.
Both licenses would require you to complete appraisal courses, required hours of work experience, pass the exam and register with the regulatory board.
How much do home appraisers make?
The average salary of residential real estate appraiser is $52,861. The range typically falls between $43,567 and $61,082. This is according to the figures displayed on salary.com as of December 28, 2018.
Commercial Appraiser Questions
What does a commercial real estate appraiser do?
As a commercial real estate appraiser, your job is to evaluate the market value of properties. The range of real properties that you could work with is huge, for example, golf courses, hotels, wind generating plants, marina, oil refiners, federal or land acquisition.
Your clients could be companies that specialize in real estate properties such as REIT, investment fund managers, and institutional investors.
How do I become a commercial real estate appraiser?
To become a commercial real estate appraiser, you need to obtain the Certified General Appraiser license. To do so, you must:
- Complete 300 hours of appraisal courses.
- Fulfill 3000 hours of appraisal work experience.
- Pass the real estate appraisal exam.
- Register with the regulatory board in your state
How much do commercial appraisers make?
The average salary of commercial real estate appraiser is $98,527. The range typically falls between $84,748 and $113,023. This is according to the figures displayed on salary.com as of December 28, 2018.
Here’s a post that discusses more about the CRE appraiser profession.
(**) 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.
Reference:
- Bureau of Labor Statistics: Appraisers and Assessors of Real Estate (Source)
- Appraisal Subcommittee: Active Appraiser Credentials Summary Report (Source)
- Salary.com: Appraiser (Commercial Real Estate) Salary (Source)
- Salary.com: Appraiser (Residential Real Estate) Salary (Source)
- Payscale.com: Average Real Estate Appraiser Trainee Salary (Source)
Disclaimer: The information in this post is for general information only, and not intend to provide any advice. They are subjected to change without any notice, and not guaranteed to be error-free. For full and exact details, please contact the Appraisal Board in your state.
