Real Estate Appraisers Career Specializations
Very often the Real Estate Appraiser will specialize in a specific type of property.
Some may specialize in industrial property or residential property or commercial
Job Duties and Responsibilities
The Real Estate Appraiser will use all appropriate documentation methods including
photographs of any architectural features or geographical features of note that
affect the valuation of the property. They will also take notes and write reports
on their valuation of the property. They are responsible for submitting a complete
and valid report to the employing agency or individual.
A Real Estate Appraiser is usually on the go. A relatively small number of hours
are spent in the office while most of the real estate appraiser's work is done
on site. The Real Estate Appraiser may carry around a small laptop or PDA as well
as various other types of equipment. A self-employed or independent appraiser may
work more than the standard 40 hour work week. Most property appraisals are done
during daylight hours and writing the reports may take place during evening hours.
Employment Outlook and Opportunities
30% of real estate appraisers are reported to be self-employed. The remainder of
these are reported to work for independent appraisal firms and a fewer number still
or banking and mortgage institutions.
Job growth for the Real Estate Appraiser industry is expected to be faster than
normal. A 2006 job outlook growth report published by The US Department Of Labor
indicates that the demand for real estate appraisers will grow with the amount of
real property. This may be balanced in part by software and in theaters which allow
one appraiser to take on more than a single client. There is a trend by loan institutions
to contract you real estate appraisers to evaluate property for loans or mortgages
purposes. The drop in the housing market can hurt the Real Estate Appraiser with
only a single specialty such as in residential properties.
How much does a Real Estate Appraiser make - Real Estate Appraiser Salaries and
Earnings for Real Estate Appraisers with 1 to 4 years experience are reported
to be in the range between $30,669 and $57,763 per year.
Earnings for Real Estate Appraisers with 5 to 9 years experience are reported
to be in the range between $38,984 and $63,511 per year.
Earnings for Real Estate Appraisers with 10 to 19 years experience are reported
to be in the range between $46,567 and $84,950 per year.
How to Become a Real Estate Appraiser
Education for Real Estate Appraisers
Any Real Estate Appraiser who is required to have a license is also required to
have a bachelor degree. Most practicing real estate appraisers and major in economics
finance or real estate. There are also requirements for specific courses that are
not part of the bachelor degree program and must be taken separately.
There is a federal law requiring a state issued license or certification for any
Real Estate Appraiser who is involved in a federal transaction with a loan amount
greater than $250,000. Stay requirements for licensure will vary, some require specific
coursework, others require on-the-job periods as well.
Federal law does not cover transactions that are not federally related or over $250,000
in value, however some states require any Real Estate Appraiser involved in any
transaction to be license or certified.
For certain types of licenses required by some states are those dealing in specialty
property the licensing standards and coursework are even stricter.
The student interested in a real estate degree or advanced certification is advised
to thoroughly research their state's requirements. There are many online schools
that can offer a real estate appraiser's degree and help the individual interested
in a career as a Real Estate Appraiser to satisfy state requirements.
Real estate appraisers have the opportunity for advancement however this comes with
experience. Certifications or state recognized designation also will help establish
the real estate appraiser.
There are links provided on this site to allow a person interested in a real estate
appraisers program to investigate this career opportunity further.
Real Estate Appraisers Resources
NAIFA - National Association of Independent Fee Appraisers
ASA - American Society of Appraisers