Requirements for becoming a Real Estate Appraiser:
Licensed Level
Capabilities: Residential Appraisals on Homes under the value of 1,000,000. Requirements: 150 clock hours of class, 2000 hours of apprenticeship over the course of 2 years. Apprenticeship must be done under a Certified or General appraiser.
Certified Level
Capabilities: All residential appraisals and up to $250,000 value of commercial (non complex).
Requirements: 200 clock hours of class, 2500 hours of apprenticeship over the course of 2 years. Apprenticeship must be done under a Certified or General appraiser.
General Level
Capabilities: All types of real estate appraisals.
Requirements: 300 clock hours of class, 3000 hours of apprenticeship over the course of at least 2 1/2 years. Apprenticeship must be done under a General appraiser.
Step one: Obtain your Trainee Permit
Trainee Permit Click here for Trainee Class Schedule
Required clock hours: There are three classes that are mandatory to obtain an apprenticeship permit, starting in April 2006. They are Basic Appraisal Principles (30 clock hours), Basic Procedures of Appraisal (30) and Uniformed Standards of Professional Appraisal Practice (15 clock hours). The remainder of the clock hours can be completed over the time you’re working on your apprenticeship.
Step two: Find a mentoring appraiser.
Your mentoring appraiser must be either a certified residential or General certified appraiser. You will be working with him/her for the next two years at least. Should that office close or things don't work out with that appraiser you can switch firms.
Step three: Completing college requirements if you don't already have a AA degree or bachelor's degree.
College requirements:
LICENSED Residential- NO COLLEGE REQUIREMENTS.
CERTIFIED Residential -AA DEGREE OR HIGHER. IN LIEU OF THE REQUIRED DEGREE, TWENTY ONE SEMESTER CREDIT HOURS COVERING THE FOLLOWING SUBJECT MATTER COURSES: PRINCIPLES OF ENGLISH COMPOSITION, PRINCIPLES OF ECONOMICS (MACRO OR MICRO), FINANCE, ALGEBRA, GEOMETRY OR HIGHER MATHEMATICS; STATISTICS, INTRODUCTION TO COMPUTERS-WORD PROCESSING/SPREADSHEETS, AND BUSINESS OR REAL ESTATE LAW.
GENERAL Certified- BACHELOR’S DEGREE OR HIGHER. In Luei of the Bachelor degree you must complete, thirty credit hours covering the following subject matter COURSES: PRINCIPLES OF ENGLISH COMPOSITION, PRINCIPLES OF MACRO and MICRO ECONOMICS, FINANCE, ALGEBRA, GEOMETRY OR HIGHER MATHEMATICS; STATISTICS, INTRODUCTION TO COMPUTERS-WORD PROCESSING/SPREADSHEETS, BUSINESS OR REAL ESTATE LAW, AND TWO ELECTIVES IN ACCOUNTING, BUSINESS MANAGEMENT, OR REAL ESTATE.
Step four: Completing your clock hour required courses determined on what level you are working toward.
Clock hours that are required beyond your trainee clock hour courses:
Licensed Residential: (75 clock hours)
-Residental Report Writing 15-clock hours
-Residential Market Analysis and Highest & Best use 15-clock hours
-Residential Sales Comparison Approach 15-clock hours
-Residential Income Approach 15-clock hours
-Residential Site Valuation and Cost Approach 15-clock hours
Certified Residential: (105 clock hours)
-Residental Report Writing 15-clock hours
-Residential Market Analysis and Highest & Best use 15-clock hours
-Residential Sales Comparison Approach 15-clock hours
-Residential Income Approach 15-clock hours
-Residential Site Valuation and Cost Approach 15-clock hours
-Statistics, Modeling and Finance 15-clock hours
-Advanced Residential Application and Case Studies 15-clock hours
-20+ clock hours of an elective course
General Certified: (225 clock hours)
-General Appraisal Market Analysis and Highest & Best Use 30-clock hours
-Statistics, Modeling, and Finance 15-clock hours
-General Sales Comparison Approach 30-clock hours
-General Site Valuation and Cost Approach 30-clock hours
-General Income Approach 60-clock hours
-General Report Writing and Case Studies 30 clock hours
-30 clock hours of an elective course