| Educational Attainment Breakdown for Appraisers, Real Estate |
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Most Significant Source of Postsecondary Education or Training
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Source: U.S. Department of Labor
The requirements to become a fully qualified appraiser or assessor are complex and vary by State and, sometimes, by the value or type of property. In general, both appraisers and assessors must be licensed or certified requirements. Prospective appraisers and assessors should check with their State to determine the specific requirements.
Education and training. Currently, no formal degree requirements exist to become an appraiser or assessor. However, starting in 2008 all appraisers and assessors who need a license will be required to have a bachelor's degree or the equivalent in credit hours. Most practicing appraisers and assessors have at least a bachelor's degree, sometimes in a related field such as economics, finance, or real estate. The specific training courses necessary, however, are not commonly available as part of most bachelor's programs and must be taken separately, usually at community colleges or through appraisal- or assessor-related organizations.
Obtaining on-the-job training is also an essential part of becoming a fully qualified assessor or appraiser and is required for obtaining a license or certification. In the past, many appraisers obtained experience working in financial institutions or real estate offices. However, the current trend is for candidates to get their initial experience in the office of an independent fee appraiser.
Assessors tend to start out in an assessor's office that is willing to provide on-the-job training; smaller municipalities are often unable to provide this experience. An alternate source of experience for aspiring assessors is through a revaluation firm.
Licensure. Federal law requires that any appraiser involved in a Federally-related transaction with a loan amount of $250,000 or more must have a State-issued license or certification. Licensing requirements vary by State, but they typically include specific training requirements, a period of work as a trainee, and passing one or more examinations.
All States also are required to conform, at a minimum, to the licensing and certification requirements established by the Appraisal Qualifications Board (AQB) of The Appraisal Foundation, a Congressionally-authorized organization dedicated to this purpose. The AQB requires that appraisers pass a Foundation-approved State examination as well as meet education and experience requirements. The education requirements include a course and examination on the Uniform Standards of Professional Appraisal Practice (USPAP) set forth by the Appraisal Standards Board (ASB) of The Appraisal Foundation.
Although Federal standards do not require an appraisal license for appraisers valuing real property with loan amounts of less than $250,000, many States require any practicing appraiser to obtain a license or certification, regardless of transaction value. In addition, many States have different, more stringent requirements for licensure than those set forth by the AQB.
One State-issued appraiser license is the State Certified General Real Property Appraiser license, which allows an appraiser to value any type of real property regardless of value. Another State-issued license is the State Certified Residential Real Property Appraiser license, which allows an appraiser to value any residential unit of 1 to 4 families regardless of value, and any other type of property with a value of up to $250,000. An additional license, which is recommended or used by many States, is the State Licensed Residential Appraiser license, which permits its holder to appraise commercial property up to $250,000 and 1 to 4 family residential units worth up to $1 million.
Starting in 2008, several new educational requirements enacted by the AQB for State Licensure will take effect. For the State Licensed Residential Appraiser license, which is available or required in a majority of States, the candidate must obtain 150 qualifying education hours, 15 of which must be on the National USPAP Course, and at least 2,000 hours of on-the-job training. For the State Certified Residential Appraiser and the State Certified General Appraiser licenses, the required education hours are much more rigorous, at 200 hours and 300 hours, respectively. In addition, all candidates must pass an examination. Also starting in 2008, individuals wishing to become State certified appraisers will need to either possess a college degree or complete a specified number of hours in certain college-level courses. Requirements vary by State so candidates should contact their appropriate State agency to see what specific criteria are mandated.
In many States, those working on their appraiser requirements for licensure are classified as a "trainee." Some of these States have their own training programs while others use the AQB's recommended program. The program varies by State but usually requires at least 75 hours of specified appraisal education, 15 of which must be on the National USPAP Course, before applying for a trainee position. The number of additional courses a trainee must take depends on the State requirements for the license they wish to obtain.
The qualifications necessary to become an assessor also vary by State, but often are similar to the requirements for becoming an appraiser. In most States, the State assessor board sets education and experience requirements that must be met to obtain a certificate to practice as an assessor. A few States have no State-wide requirements; rather, standards are set by each locality.
States mandating assessor certification have requirements similar to those for appraisers. Some States also have more than one level of certification. All candidates must attend State-approved schools and facilities and take basic appraisal courses. Although appraisers value one property at a time while an assessor typically values many, the methods and techniques used are the same. As a result, the main courses assessors take are the same as those for appraisers. In addition, there usually is a set number of on-the-job hours that must be completed and all assessor candidates in these States must pass an examination. In some States, assessors must abide by the USPAP standards and are strongly encouraged to follow these standards in most other States. For those States not requiring certificates, the hiring assessor's office usually will require the candidate to take basic appraisal courses, complete on-the-job training, and accrue a sufficient number of work hours to meet the requirements for appraisal licenses or certificates. Many assessors also possess a State appraisal license.
For both appraisers and assessors, continuing education is necessary to maintain a license or certification. The minimum continuing education requirement for appraisers, as set by the AQB, is 14 hours per year. Appraisers must also complete a 7 hour National USPAP Update Course every 2 years. Some States have further requirements. Continuing education can be obtained in any State-approved school or facility, as well as recognized seminars and conferences held by associations or related organizations. Assessors also must fulfill a continuing education requirement in most States, but the amount varies by State.
Other qualifications. Appraisers and assessors must possess good analytical skills, mathematical skills, and the ability to pay attention to detail. They also must work well with people and alone. Since they will work with the public, politeness is a must, along with the ability to listen and thoroughly answer any questions about their work.
Certification and advancement. Many appraisers and assessors choose to become a designated member of a regional or nationally recognized appraiser or assessor association. Designations are particularly useful in States or types of practices where a license is not mandatory or a certificate has not been established. Designations are another way for appraisers or assessors to establish themselves in the profession, and are recognizable credentials to show employers and potential clients a higher level of education and experience. Obtaining a designation usually requires 5 to 10 years of training and experience, often more than the minimum licensing requirements of the AQB. Many appraisers and assessors start with getting their license or certificate and work their way up to a designation. Many appraisal associations have a membership category specifically for trainees, who then can receive full membership after licensure. Since States differ greatly on the requirements to become an assessor, licensure is not necessarily required for membership or designations; however, the imposed designation qualifications tend to be very stringent.
Advancement within the occupation comes with experience. The higher the level of appraiser licensure, for example, the higher the fees an independent fee appraiser may charge. Staying in one particular region or focusing on one type of appraising specialty also will help to establish one's business, reputation, and expertise. Assessors often have a career progression within their office, starting as a trainee and eventually ending up appointed or elected as a senior appraiser or supervisor.
Source: U.S. Department of Labor's Occupational Outlook Handbook
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