We are in a world where people want to manage their own business, decide who they work for, be in control of their time, and still earn a good income. This is the typical life of an Appraiser.
So, if you’re considering taking up a career as an appraiser, you are making a great choice. But, to begin your career on a good note you have to learn a step-by-step process that will guide you in your journey.
Appraising can be an interesting and rewarding career. Individuals, Companies, and top cooperate organizations often demand this service; this is because it provides a market value estimate for a property’s worth based on extensive analysis, knowledge, and research.
Unlike realtors and estate agents, you need the right training, certifications, and licensure to become an Appraiser. As you read through, you will discover that the cost and requirement of enrolling in appraisal training cannot be compared to the reward.
Who is an Appraiser?
An Appraiser is someone who estimates the market value of a product, especially in real estate. Uniform Standards of Professional Appraisal Practice (USPAP) defines Appraisal as;
One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. Such expectation occurs when individuals, either by choice or by requirement placed upon them or upon the service they provide by law, regulation, or agreement with the client or intended users, represent that they comply.
From the above definition, you can deduce that appraisers are specifically trained and licensed to act independently of the buying and selling parties, and their opinions must be unbiased.
Let’s take a look at what appraisers do and why their career is in-demand. We’ll discuss in detail the education and qualification you must possess to be a part of this profession.
What Does an Appraisers Do?
Appraisers perform a lot of job functions. Apparently, their roles are to provide objective, impartial, and unbiased opinions about the value of a property. They provide assistance to individuals who own, manage, sell, invest in, and/or lend money on the security of the real estate. Some of the job functions of an appraiser include but are not limited to the following;
Why Should I Become an Appraiser?
People consider a career in real estate appraisal for many reasons which include but are not limited to a few listed below;
How Long Does It Take to Become an Appraiser?
The process of becoming an appraiser varies, depending on the appraisal discipline. Becoming a Real estate appraiser typically requires a certain number of hours of education and experience as indicated below;
What Education & Qualifications Must Appraisers Have?
To become a real property appraiser, you need to meet the minimum education, certification, and experience requirements set by the Appraisal Qualifications Board (AQB).
To that effect, you must take Appraisal Institute courses and seminars because the Appraisal Institute offers quality education.
The minimum Criteria for Appraisal Education Hours is indicated below
Step #1. Appraiser Trainee
The first step to becoming a real property appraiser is to enroll in the trainee program. An Appraiser Trainee typically works directly under the supervision of an appraiser who is certified in good standing and may appraise those properties that his or her supervising appraiser is permitted to appraise.
If you wish to become an Appraiser Trainee, you must take a 75-hour course and cover coursework including Basic Appraisal Principles, Basic Appraisal Procedures, National Uniform Standards of Professional Appraisal Practice (USPAP) Course.
Step #2. Certified Residential Appraiser
To become a Certified Residential Appraiser, you must have completed your Appraiser trainee program.
A Licensed Residential Appraiser may oversee non-complex 1-4 residential units having a transaction value less than $1,000,000 and complex 1-4 residential units having a transaction value less than $250,000. This classification, however, does not include the appraisal of subdivisions.
The Certified Residential Appraiser program consists of 150-hour coursework.
Step #3. Licensed Residential Appraiser
The Certified Residential Appraiser may oversee 1-4 residential units without regard to transaction value or complexity. If you want to become a Licensed Residential Appraiser, you must take up a 210-hour training.
Coursework in this training include the following;
Step #4. Certified General Appraiser
The Certified General Appraiser oversees all types of real property. To become a Certified General Appraiser, you must enroll in a 300-hours program.
Who are the Best Online Real Estate Appraiser Training Providers?
Below is a list of top Real Estate Appraiser Training providers arranged in no particular order. Each appraisal education providers have their unique advantage in the market place. These providers offer Real estate appraiser training online. They also provide dozens of appraisal courses that teach individuals how to determine the value of a property.
You can select the one that best suits your demand.
#1. VanEd
Cost: $350/per course
VanEd is a popular online school that offers appraisal licensing and continuing education courses. This school curriculum features a wide range of Pre-licensing Courses and Exam Prep for Trainee appraisers.
According to realestatecareerhq.com, VanEd has successfully serviced over 23,000 licensing students and 48,000 continuing education students since 1997. Unlike other providers, VanEd offers a trainee exam prep program for their students.
They also have a Basic Education Package for students who are pursuing the trainee license. So, rather than purchasing one course at a time, you can simply get a complete package for $850 saving 20%.
#2. McKissock
Cost: $209.95/per course
If you are seeking an All-rounded Appraisal School, McKissock is the best option for you. McKissock Learning is one of the few provides that offers a broad selection of courses.
They feature pre-licensing courses for all levels of appraisal licenses, and CE courses. The most amazing part is they are available to most of the states.
However, for students who might not have the entire tuition upfront, McKissock allows you to spread the payment into four months.
Another remarkable thing about MsKissock is; Their instructors are active appraisers with hands-on experience. They equip students with practical skills to excel in the appraisal field.
#3. OnCourse Learning
Cost: $139.30
OnCourse is a great option for Corporate Group Training. They offer courses across several industries such as real estate, appraisal, and inspection. Most providers refer their students to OnCourse.
Furthermore, OnCourse makes use of the Learning Management System(LMS) which supports corporate group learning. This allows them to easily manage the administrative tasks for their students and review their study progress.
This provider offers training at a fair cost of $139.30. However, you can opt-in for their package plan at a price range of $629.30 and $839.30.
#4. Appraiser eLearning
Cost: $ 119.95 per course
Appraiser eLearning features a great program for those seeking Practical CE Courses. These education providers are different from others; They do not offer pre-licensing courses. Instead, they focus mainly on providing CE appraisal lessons across 29 states.
The cost of enrolling in Appraiser eLearning is dependent on the length of the individual course. The more condense the course materials are, the higher the price. A 3-hours course costs $69.95, whereas a 7-hours lesson is $ 119.95.
#5. Appraisal Institute
Cost: $880.00 (bundle package)
The Appraisal Institute program is exclusively designed for individuals seeking to pursue Professional Designation. This is one of the largest real estate appraisal schools and has over 18,000 members across 50 countries.
Appraisal Institute offers a wide range of networking opportunities to its students and also a pre-licensing education for all license levels, CE courses, and professional designations.
What Skills Are Required to Become an Appraiser?
If you want to be successful in your career as a real estate appraisal, you need certain skills. You can learn the application of the skills during the required coursework and training.
How Much Does it Cost to Become an Appraiser?
The cost of attending appraisal training usually varies by program providers and the type of package you want. A typical online provider offers individual courses as well as membership packages with courses and advanced resources.
Packages include Unlimited Learning, Get Started, and Advanced Pro. In summary, individual courses fee range is $200 to $300 for 15-hour courses and $400.95 for 30-hour courses.
How Much Do Real Estate Appraiser Earn?
In general, the appraiser’s salary is dependent on the level of experience and licensing. The current average annual income for real estate appraisers is $60,287, according to PayScale.
However, a trainee earns as low as $20,000, while appraisers with higher qualifications and experience may earn $150,000 or even more. Appraiser’s income grows as they become more experienced.
What is the Job Outlook For Real Estate Appraisers?
The US Bureau of Labor Statistics speculates that employment of appraisers and assessors of real estate is projected to grow 7 percent from 2018 to 2028, faster than the average for all occupations.
Conclusion
Becoming an Appraiser is very easy as it does not require much education. The cost of enrolling in the training is very minimal compared to other professions. We have put together a wide range of information that will guide you on how to become an Appraisal. In fact, to get the best of this profession, we advise that you connect with the top Appraisal training providers on our page.
Frequently Asked Questions On How to Become an Appraiser
The average annual income for real estate appraisers is $60,287, according to PayScale.
The cost of enrolling in an appraisal school ranges between $200 to $500.
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