A certified real estate appraiser is the second level of state licensing for the appraisal of real property (although in some states there no longer is a licensing level before certified. You are either certified or certified general). It is one above from licensed and one under general certified (commercial). With this credential you able to appraise all types of non-complex one-to-four family residential property without regard to the transaction value and other types of real property having a transaction value of less than $250,000 (two hundred fifty thousand dollars) (exact limitations may vary by state).
For most states, the main difference between a licensed appraiser and a certified appraiser is additional coursework and 500 additional experience hours obtained under a certified appraiser.
Just like as a licensed real estate appraiser, you may find yourself working for an appraisal firm or for yourself as a fee based appraiser. Your clients may be local, such as individuals, lawyers, accountants and small banks, or national, such as from large appraisal management companies (AMCs), national lenders or government sponsored enterprises.
As a state certified appraiser, you now meet the requirements of many larger lenders and financial institutions which enlist only certified appraisers to for their transactions. Likewise, as a field appraiser, your day will be divided between property inspections and completing research online and at local court houses and/or assessor’s offices. For most purposes, you will be completing appraisals for home purchases, refinancing, divorces, estates and portfolios.
As a state certified appraiser, you will also qualify for many in-house positions at large financial institutions and AMCs (generally as a review appraiser). Although years of experience is often desired, having the state certification meets one of the basic requirements set by many employers and makes you more qualified than if you only have your license. Check out job postings for real estate appraisers to get an idea of what positions are available, what they entail and their exact requirements and qualifications. Working an in-house position is one of the alternatives to field work and you also get to enjoy salary pay and health benefits.
Per the AQB, the requirements to become a certified appraiser are 200 hours of qualifying education, 2,500 hours of experience in no fewer than 24 months and a Bachelor’s degree or higher. However, some states may have additional requirements. To learn your state’s requirements, choose it from the map below.
After you get you state certification, you may desire to appraise commercial property. For this you will seek the certified general appraiser credential.
Curious about becoming an appraiser? Join an appraiser on real appraisal inspections in our video series!