What is a Licensed Real Estate Appraiser?
A licensed real estate appraiser is the first level of licensing for appraising real property. With this credential, you are able to appraise non-complex one to four family residential units having a transaction value less than one million dollars ($1,000,000), complex one to four family residential units having a transaction value less than two hundred fifty thousand dollars ($250,000) and other types of real property having a transaction value less than two hundred fifty thousand dollars. While most states have adopted this kind limitation for this credential, some states may vary.
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 clients such as from large appraisal management companies (AMCs), national lenders or government sponsored enterprises (Fannie Mae). Keep in mind, however, that many larger lenders and financial institutions may enlist only certified appraisers to complete their appraisals. The exception is if a certified appraiser accompanies you on the inspection and signs as the supervisory appraiser on the report. Regardless, 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.
Per the AQB, the minimum requirements to become a licensed appraiser are the completion of 2,000 experience hours in no less than 12 months and 30 semester credit hours of college level education from an accredited college, junior college, community college, or university OR an Associate’s degree or higher (in any field). However, some states may have additional requirements. To learn your state’s requirements, choose it from the map below.
Curious about becoming an appraiser? Download our 60-paged eBook written by a State Certified Appraiser that provides an in-depth look into the profession!