Do you aspire to become a real estate
appraiser, one day? Apart from making a livelihood out of a job in hand, you may
like to open a window to real estate market. If not, you may be the kind of
person who feels the crunch and wants to make quick bucks. Whatever may be the
reason, it’s high time you educate yourself about how to become an appraiser.
Before
getting started…
To become a real estate appraiser, you have to
appear in state exams. Before that, make sure you are eligible to apply for the
examination. State governments set forth a set of educational criteria that you
should fit in. Watch out! Each state frames its own exam standards. Learn that
the majors you earn at college may or may not suffice for obtaining an
appraiser credential.
But, in common, most of the states follow
these two criteria:
·
if you need to specialize as a
residential appraiser, you have to have done an associate’s degree; and
·
if you want to train yourself as a
commercial appraiser, a bachelor’s degree is a prerequisite.
Check
this out …
Aspiring real estate appraisers can either be
licensed or certified. Depending on what properties you like to appraise after
being qualified, you can be a
·
Licensed Residential Real Property
Appraiser, or
·
Certified Residential Real Property
Appraiser, or
·
Certified General Real Property
Appraiser
Licensed or certified residential appraisers
pitch in residential floors whereas certified general appraisers have the
privilege of appraising all sorts of assets.
But, what sets certified appraisers apart?
Well, certified appraisers have no constraint in transaction value, and they
can appraise as many assets they intend to.
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Titbits
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Is it worth choosing an appraisal career?
Here are the facts and figures:
Till the end of 2013, the number of active
real estate appraisers in the U.S. stood at 81,050. It has decreased at an
average rate of 3% per year over the past five years. This attrition rate
would deepen over the next 5 to 10 years due to retirements, various job options,
economic factors, and the like.
According to the U.S. Bureau of Labor Statistics, real estate appraisal workers
would see a job growth of 6% from 2012 to 2022.
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Get
prepared …
To breeze through the exams, you have to gear
yourself up with proper training and prior experience. First up, scan your
abilities. You may get things done better or so-so. Then, think over whether
you can afford a bit of an extra time and money. If you are pretty sure it’s
not a big deal, opt for obtaining an appraiser certification. Else, go
for getting an appraiser license. Sometimes, due to unfit situations, you are
tied up to tout simply as a trainee. Whatever your plan is you
can have those credentials under your belt in not more than donkey’s years.
Getting a hang of real estate appraisal course
is not a piece of cake. You have to take in theoretical as well as practical stuff.
Theoretical stuff in the sense learning online or through classrooms; practical
stuff means gaining experience through apprenticeship. Read the Uniform
Standards of Professional Appraisal Practice (USPAP) manual to know more
about real estate appraisal classes. It is better you find a dedicated mentor
who can put in his valuable time and efforts to enlighten you with appraisal
skills.
In terms of hours spent to get coaching,
·
If you prefer being licensed, it will
account for 150 educational hours and 2,000 hours of experience.
·
If you want to be certified, 200
educational hours and 2,500 hours of experience will do to take up the exam.
Where
will this gets you…
Having learnt by heart what you have to do to
become a real estate appraiser, it’s time to ponder over which way to head
after you crack exams fair and square. In the haste to make a move, you would
hardly know that you’ve stepped into real estate market filled with lavish job
opportunities.
Delighted to have sensed reality, ah? Who
knows? You may show up as a fee appraiser or an in-house appraiser at your client’s
doorstep. With a timely interview call, you may be hired by assessors and appraisal
trade associations and management companies, whatsoever. By far, you can always
hope for the best with the completion of an appraisal course. You soon get the
feel of your new job and perhaps, work your way up the corporate ladder.
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