Real Estate Appraisal School
How much are the houses on the block?
Real estate appraisers have the job of assessing the worth of property. They do this for several purposes, including determining a sales price, calculating property tax levels and working out the amount of mortgage to grant a property.
Many appraisers specialize in one specific type of real estate, but they must maintain a broad understanding of the industry - at anytime they may be called upon to appraise everything from a tiny home plot to a multi-acre property hosting a shopping center.
Real estate appraisal is a very competitive industry that is driven by commissions. The best appraisers can do very well for themselves, but there are many who struggle in the profession. If you're thinking about becoming an appraiser, it's a good idea to get as much education as you can. Although no degree is required to work in the industry, many real estate appraisers hold a Bachelor's degree.
Check out your local real estate schools or your local college for real estate appraisal courses. Some courses are available online and can be completed from the comfort of your own home (which, with any luck, you'll soon be certified to appraise).
In order to work as a real estate appraiser or assessor, you must be licensed or certified in the state you're working in, work for a period of time in the role of a trainee and (in many states) pass one or more official tests.
Most certified real estate appraisers can be classified as one of the following:
- Certified Valuation Consultant - He or she works for or alongside a financial institution that researches property value. A CVC can give advice on major projects, aspects of funding, development and more.
- Certified Commercial Real Estate Appraiser - He or she has a certified general level license, and can perform professional appraisals of land for commercial or industrial purposes.
- Certified Real Estate Appraiser - He or she can perform appraisals on any residence, condominium, vacant land, small business and other property. This position requires a full level state appraiser's license (or higher).
Real estate appraisers usually work on a contract basis. When there is enough work to warrant doing so, some larger real estate offices hire full-time appraisers to work onsite. In addition, in some larger urban centers there are companies that deal only in real estate appraisal.
Employment of real estate appraisers is expected to grow at a rate faster than the national average in the coming years.