Now that we’ve looked at the role of a reviewer let’s look at the steps to becoming one.
1. Understand The Minimum Requirements To Become A Real Estate Appraiser
The Appraisal Qualifications Board (AQB) establishes the minimum requirements or qualification criteria for real estate appraisers that aspiring appraisers in the United States must meet. The training required to become a licensed or certified real estate appraiser varies by federal state, with some requiring in addition to the country-specific courses prescribed by the AQB.
The Appraisal Subcommittee (ASC) oversees individual states in the approval and certification of real estate appraisers. And also, For a complete list of government regulators for appraisers, see the ASC website. Your state agency can provide more information about state-approved courses, prerequisites, and exams.
2. Become An Evaluator-In-Training
The next step to becoming a real estate appraiser is to start as an appraiser. The following courses are required by the AQB:
- Assessment principles: 30-hour course
- Basic assessment process: 30-hour course
- National Uniform Standards of Professional Assessment Practice (USPAP) – 15-hour course
- In addition to these courses, confirm with your state evaluator supervisory authority that you meet all course requirements.
3. Find A Regulatory Reviewer
After completing your apprenticeship training, your next task is to find a supervising evaluator to support you as a mentor and supervisor with your evaluations. Under the supervision of your Supervisory Assessor, you should gain approximately 1,000 hours of experience in no less than six months.
To find a manager, research your local property appraisal organizations and sites like LinkedIn and Indeed; These are valuable resources for finding regulatory appraisers in your area.
4. Complete The Required Courses.
No college education is required, but you will need to take additional courses to make the leap from apprentice to licensed professional. And also, Here is a summary of the minimum requirements of AQB:
- Firstly, Analysis of the housing market and highest and best use: 15 hours
- Location assessment and cost estimate for housing experts: 15 hours
- Comparison of Home Sales and Income Approaches – 30 Hours
- Drafting of housing reports and case studies: 15 hours
- Again, check with your state’s supervisory authority for appraisers to make sure you’ve met all state and national requirements.
5. Get Approved For The Licensed Residency Exam.
Now that your courses and 1,000 hours of experience are complete, contacts your local state advisory board to register for the licensed residency exam. The exam covers much of what you have learned in your previous courses, such as:
- Types of real estate value
- Investment analysis and real estate market
- Evaluation methods
- Assessment mathematics
- Check with the organization with which you took your evaluator courses. She may be able to give you some tips for the test. And the practice questions can be found online.
6. Submit Your Application To Become A Certified Residential Appraiser.
Congratulations, you have passed your exam. The last step is to submit your license application to your state’s licensing board, which can be found on the ACS website.
Real Estate Appraiser License
Once they have completed the required courses, hours of experience, and pass the certify residential exam, assessors in training license by their state. When they approve, they become licensed residential assessors and can conduct evaluations themselves.
Appraiser reviews play an important role in the home buying process. As a chartered or certified real estate appraiser, you will draw an accurate picture of a home’s value for the buyer, seller, and lender. And if a career in real estate is right for you, check out these real estate blogs and learn how to start a real estate business.
This article does not constitute legal advice. The steps mandatory to obtain a real estate appraiser’s license may differ from state to state, so you should seek your own legal opinion to ensure that you are going through the correct process.
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