Real Estate Appraiser

Real estate appraising is estimating the value of a property under current market conditions.  A real estate appraiser inspects all characteristics of buildings and lands to determine their value; which can be used for the property’s purchase, sale, investment and loan purposes.

Job purpose:

Generally the value of a building is determined by making an evaluation. This involves assessment of most suitable price for the property under prevailing market conditions. To make these estimates, real estate appraisers begin visiting the property and talk to people in and around familiar with the environment over there. Then they estimate the property and inspect it for either design or construction. They also consider the location and other trends which could influence the future value of the property and also reproduction costs. They get the location records in local government offices which give details of previous sales, leases and other transactions.

When the collection of the details are made, they prepare a report which includes legal and physical description of the property, take its photographs; then estimate the value of the property and also prepare for an explanation of the estimate incase any client questions on the estimate.

Education:

To become a real estate appraiser, there are many schools and online coaching sites that provide a certificate course and help in becoming a real estate appraiser. Office of Real Estate Appraisers provides a license and certificate course. The minimum requirements for an individual are:


OREA license levels

Basic education requirements

College level requirements

Experience

Trainee (AT)

150 hours

N/A

N/A

Residential (AL)

150 hours

N/A

2000 hours accumulated over atleast at a 12 month period

Certified residential (AR)

200 hours

Associate degree

2500 hours accumulated over at a period of 30 month

Certified general (AG)

300 hours

Bachelor’s degree

3000 hours that include atleast 1500 non residential hours accumulated over a period of 30 month

Candidates who gain experience at the AT level ought to be supervised by a certified licensed appraiser. More over no supervisor can supervise more than 3 trainees.

For an associate degree an applicant can complete 21 college semester credits in courses covering: English composition, Principles of economics (Micro and Macro), finance, algebra, geometry and higher math, statistics, introduction to computers, and business or real estate law.

To obtain a bachelor’s degree the candidate can finish 30 college semester credits in courses covering:

English composition, principles of economics (micro and macro), finance, algebra, geometry, higher math, statistics, introduction to computers, and business or real estate law and two elective courses in accounting, geography, ag-economics, business management or real estate.

Real estate appraiser salary range:

Salary range :  $39,410 - $72,578
Real estate appraiser residential : $36,133 - $74,651
Real estate appraiser commercial : $45,386 - $87,425
Real estate appraiser / assessor : $31,080 - $58,082

Real estate appraiser entry level salary    mid level salary      senior level salary
Salary $30,000 - $40,042 $48,864 - $58,672 $60,808- $100,000