Overview of a Real Estate Appraiser

In almost every decision of real estate lies the central question- "what is the property actually worth?'

This question is equally important to both buyers and sellers. In order to answer this question, we rely heavily on the jobs of real estate appraisers. These are the folks that actually value the property. 

 A basic explanation of the 4 categories of real estate appraisers:

           

           1. Trainee Appraiser- these appraisers are authorized but not licensed to gain legal real estate appraisal experience under sponsorship. There is no experience required and the age requirement is 18. Usually trainee appraisers remain in this category for a maximum of 2 years. 

           2. Licensed Real Property Appraiser- licensed to perform small scale transactions after about 150 classroom hours and 2000 hours of experience.

           3. Certified Residential Appraiser- can appraise residential properties of 1-4 units without regard to complexity after 2500 hours of appraisal experience and a written exam.

           4. Certified General Appraiser- can appraise any type of property after 3000 hours of experience and also a written exam.

The overall licensing process in monitored by a nonprofit educational organization called the Appraisal Foundation. It began in 1987 as a way to ensure appraisal services were being conducted in a professional and accurate manner. Below is a quick overview of the foundation and some highlights of its major roles in the valuation process:

The video affirms the Appraisal Foundation is not a regulatory agency created by Congress, rather an organization to foster professionalism. Regulation of real estate valuation is fragmented by nature, and this organization has helped create uniformity and provide expertise. 

The typical day of a real estate appraiser varies from day to day. One appraiser writes, "Every assignment, and every day, is different, as every property is different. Part of my day is spent on the road, inspecting properties, and doing field work; the rest of the day is spent at home, at the computer, researching and compiling." He gives a real life account of the lifestyle of appraisal and some of the pro's and con's. His career story can be found here : http://www.citytowninfo.com/career-story/real-estate-appraisers/real-estate-appraiser

It is clear the life of a real estate agent is anything but routine. There are many challenges and road bumps. There are constantly new techniques and lessons to learn, as well as continuous competition. It is clear throughout this profession experience is the key to success.