Saturday, November 3, 2012

Overview of a Real Estate Appraiser 11/3/2012

Up until recently, there were not any specific licenses required to perform appraisals. This changed with the FIRREA, Financial Institutions Reform, Recovery, and Enforcement Act. Under this act, the Appraisal Qualifications Board established minimum education and experience guidelines that states must use to issue appraisal licenses and certifications. The Uniform Standards of Professional Appraisal Practice is what is typically required by many states for all appraisals. Getting an appraiser licence and certification can range from having to complete between 75-300 hours of classroom instruction, the least being for a trainee appraiser and the most for a certified general appraiser.



http://www.bls.gov/ooh/business-and-financial/appraisers-and-assessors-of-real-estate.htm#tab-4
This site goes into detail about not only the licenses and certifications you  need, but the education and training required as well. It also points out that these will vary from state to state. The amount of education required is dependant upon which level of appraising you are wanting to get involved with.

http://www.youtube.com/watch?v=G5hmDXDBeVw
John Saunders, from The Real Estate Academy, briefly describes the main areas needed to become a real estate appraiser; acquire the education, gain experience, and pass the state licencing exam. He notes that for it to be rewarding, the process will not be an easy one and that it usually takes about a year to satisfy all the requirements.

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