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How to Become a Licensed Residential Appraiser

How to Become a Licensed Residential Appraiser

There are things you need to know before you choose to be a real estate appraiser. Many states have different names for the Trainee Appraiser license level, such as Apprentice Appraiser or Registered Appraiser. You can study more about all the various appraiser levels in this article. Some states do not have a proper Trainee Appraiser license level. You can acquire more about your state’s requirements by visiting its regulatory website. 

Step 1: Become a Trainee or Apprentice Appraiser

Education:

Complete and pass 75 hours of simple appraisal education, which includes three courses:

Basic Appraisal Procedures 30 hours

Basic Appraisal Principles 30 hours

15-hour (USPAP) 15 hours

Experience:

The Apprentice Appraiser level does not have an experience necessity. Each Trainee Appraiser must be managed to get the required hours of experience before applying for the Licensed Residential Appraiser level. Finding an expert appraiser is a very significant step to becoming an appraiser. The apprentice and supervisory appraiser must keep a record of work completed that will be revised when the trainee applies for any license to the state controlling body.

Exam:

You are not obligated to pass an exam to become a Trainee Appraiser on the national level; yet, some states do require it. 

Application:

The national standards do not require a license, so application is not required. However, check with your state to see if they have extra requirements for this level.

STEP 2: BECOME A LICENSED RESIDENTIAL APPRAISER

When you become a Licensed real estate Appraiser, you will be able to do appraisals on your own. At the Licensed Appraiser level, you can appraise non-complex, one- to four-unit residential properties less than $1,000,000 and complex one- to four-unit residential properties with a transactional value of less than $250,000 in market value. Once you finish the criteria below, you can register to become a Licensed Appraiser.

Experience:

On February 1, 2018, the Appraiser qualification board adopted new knowledge requirements to become a Certified or Licensed Appraiser. The requirements are effective May 1, 2018, in states that select to accept these criteria. States can pick the old criteria as these are stricter than the new requirements. You are needed to complete 1,000 hours of experience in just less than 6 months. An acceptable supervisory appraiser must openly supervise these hours. Appraisers are mandatory to uphold a log jointly with the supervisory appraiser. This statement has all the details.

Education:

You must complete an over-all of 150 hours of learning. The 150 hours comprises 75 hours required for the trainee level and four additional courses:

Residential Appraiser Cost Approach and Site Valuation 15 hours

Residential Highest and Best Use and Market Analysis 15 hours

Residential Sales Comparison and Income Approaches 30 hours

Residential Report Writing and Case Studies 15 hours

Exam:

The Appraisal Qualifications Board (AQB)-approved Licensed Residential Real Property Appraiser examination must be properly completed. All education and experience hours should be completed earlier to taking the national exam.

Degree:

Effective May 1, 2018, the AQB has withdrawn the degree requirement for Licensed Residential Appraiser credential. States may accept more strict requirements, so candidates should check with their state for additional information.

Application:

Once all of the necessities are completed and documented, you can apply to the suitable state board. Be sure to check with the state for particular requirements for application for a license. 

After becoming a Licensed Residential Appraiser, you can promote the Certified Residential Appraiser level.

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