| What is an appraiser? |
|
| |
An appraiser develops and reports an
opinion of value on a specific type of property such as residential,
commercial, or agricultural. |
|
|
How does an appraiser estimate value? |
|
| |
Appraisers are taught to
estimate value by following three recognized approaches to value.
- Sales Comparison Approach - compares
similar, recently sold properties to the property.
- Income Approach - estimates what a prudent
investor would pay for the property based on the income the property
produces.
- Cost Approach - estimates the cost to
replace or reproduce the property being appraised.
|
|
| What is the demand for real
estate appraisers? |
 |
| |
A wide variety of clients use real
estate appraisals. For instance, lenders use them for loan collateral
purposes; lawyers use them in property disputes, such as divorces; insurance
companies use them to assist in determining the value of the property to be
insured; and property owners may use them when appealing tax assessments,
estate purposes and estimating a property's value when buying or selling
real estate. |
|
| What qualifications are required
to appraise real estate? |
|
| |
Federal law requires all
individuals appraising properties in a federally related transaction (ie. a
federally insured lender is involved in the transaction) to be either state
licensed or certified. In addition, many states have enacted laws that
require any real property appraisal to be performed by an individual who is
state licensed or certified. Click here
to open a PDF showing AQB guidelines and requirements for becoming a real
estate appraiser. |
|
| How do I become an appraiser? |
|
| |
Appraisers are required to
have a certain number of hours of education and experience. In
addition, they must also pass a comprehensive examination. Note:
the criteria listed below are guidelines and are subject to change according
to each state's appraisal board.
|
|
| |
| |
Experience Required |
Education Required |
Exam Required |
|
Trainee License
(New) |
none |
75 hours |
No |
| Licensed Residential |
2,000 hours |
150 hours |
Yes |
| Certified Residential |
2,500 hours |
200 hours |
Yes |
| Certified General |
3,000 hours |
300 hours |
Yes |
* Time & Experience Requirements are in the process of being changed |
|
What is required in order to sit
for the examinations? |
|
| |
In order to qualify to take the
state examination, you must have completed your qualifying education hours
requirement. |
|
| How long are the examinations? |
|
| |
Depending on the
classification you are seeking to obtain, the examination is between 100 and
125 questions and takes approximately one to three hours. |
|
| How can I obtain the required
experience? |
|
| |
Apprentice or trainee
experience can be gained by aligning yourself with a state licensed or
certified appraiser. Finding a mentor should be treated like a job
search. |
|
| What guidelines must appraisers
follow? |
|
| |
The Uniform Standards of
Professional Appraisal Practice (USPAP) are the recognized performance
standards for the appraisal profession. |
|
| What types of real property can
I appraise once I become licensed/certified? |
|
| |
Generally, states issue one
of three types of credentials. Individual states may have laws that
differ from the Appraisal Qualification Board criteria. Credentials
allows an appraiser to perform assignments within the following parameters:
|
|
| |
|
State Licensed Appraiser |
State Certified Residential |
State Certified General |
- non-complex 1-4 family units
- transaction value less than
$1,000,000
|
- 1-4 family residential units
without regard to transaction value or complexity
|
- may appraise all types of real
property, including commercial property
|
|
|
How do I register to take an exam? |
|
| |
To take an exam in Montana, call Applied
Measurement Professionals at
1(800)345-6559 or register online at
www.goamp.com. |
|
Where do I find more information
on the internet? |
|
| |
Check out our
links page.
|
|
|
How do I register for online courses? |
|
| |
To register for Dave's School online courses go to
http://shoemaker.fastclass.com
and select the Appraisal Link on the left side of the screen. Select the
course(s) that you would like to attend from the current list of courses
offered. That's it!
|
|
Dave
Shoemaker's
School