Appraiser Of Real Estate: What to expect and how to be an appraiser and assessor of real estate
Real estate appraisers and assessors are focused on the value of real property, but generally for two different reasons. Real estate appraisers contribute to the buying and selling of real property by determining its fair value for sales, mortgage and insurance purposes, while real estate assessors estimate value for property tax purposes.
What Appraisers and Assessors of Real Estate Do?
Appraisers and assessors of real estate provide a value estimate on land and buildings.
Although appraisers and assessors of real estate work in offices, they often spend a large part of their day visiting properties. Most work full time during regular business hours.
How to Become an Appraiser or Assessor of Real Estate?
Most appraisers and assessors must be licensed or certified, but requirements vary widely. To obtain a certification, appraisers of residential or commercial property usually need to have at least a bachelor's degree. For assessors, most states set education and experience requirements that they must meet in order to practice.
How to Become a Real Estate Appraiser in 7 Steps
Step 1: Get a Trainee License By Completing Coursework.
Step 2: Complete 1,000 Hours of Real Estate Work Experience.
Step 3: Complete Final College-level Coursework for Appraiser License. Step 4: Pass the Residential Real Property Appraiser Exam.
Step 5: Submit Your License Application to Get Your Appraiser License.
Both real estate appraisers and assessors must be knowledgeable about how building methods, conditions, architectural styles, improvements and location affect property values. In addition, keeping meticulous records of their research, valuation methods and observations is critical for these professionals. They may spend much of their workday researching data and writing reports, but less time than their predecessors researching records at courthouses, since most are available online.
Real Estate Appraiser and Assessor Job Duties
Real estate appraisers and assessors must be very familiar with property values and real estate activity in the area in which they work. Real estate appraisers estimate the value of real property when it is sold, mortgaged, taxed, insured or developed. They may focus on commercial properties like shopping centers and office buildings, or residential properties, such as single-family and smaller multi-family residences.
If you possess good analytical and mathematical skills, enjoy working with people, and have meticulous attention to detail, you could be a candidate for a satisfying career as a real estate appraiser or assessor. The advanced data analysis skills, and financial and economic knowledge you?ll need to be successful in this field can be yours when you enroll in an MBA in Accounting and Finance degree program. It?s never too early to begin planning, so explore the possibilities of earning this respected, career-enhancing degree ? and embarking on your new career.