To start your real estate appraisal training, you will need to complete some minimum hours of education, experience and examination depending on the level of appraiser established by the AQP Board of The Appraisal Foundation pursuant to provisions Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA).
Minimum Real Estate Appraisal Training Education and Experience
The following is a list of the minimum education and experience hours under FIRREA:
|Appraiser training 75 hours||Experience is subject to direct supervision by a certified and supervising appraiser who is in good standing|
|Licensed residential real property appraiser 150 hours||Experience is subject to 2,000 hours during no less than 12 months|
|Certified residential real property appraiser 200 hours||Experience is subject to 2,500 hours during no less than 24 months|
|Certified general real property appraiser 300 hours||Experience is subject to 3,000 hours during no less than 30 months|
Each state may have additional educational and experience requirements so it is imperative that you check with your local state regulatory agency to find out their requirements. You can join the Appraisal Institute as an associate member until you become a practicing member. Courses can be taken from the Appraisal Institute.
Trainee courses include classes in the basic principles of appraisal, appraisal procedures and a USPAP (Uniform Standards of Professional Appraisal Practice) course. The residential appraiser courses include market analysis, valuations and cost approach, the highest and best use, residential comparison approach, income approach, and writing reports and case studies. The certified residential courses include finance, statistics, advanced residential applications and report writing.
The certified general courses include finance, statistics, marketing analysis, site valuation, cost approach, sales comparison approach and information regarding general appraising. The courses prepare you for your state examination. Information about the Appraisal Institute can be accessed at their website at http://www.appraisalinstitute.org/education/state_aprv.aspx. In order to take your state examination, you will have to contact your state regulatory agency for more information and registration.
Practicing members of the Appraisal Institute must complete 100 hours of continuing education every five years and associate members must complete 70 hours of containing education every five years. The Appraisal Institute Education Trust also provides scholarships that you can apply for to pay for your classes and education. For more information, you can contact the Appraisal Institute at their website at http://www.appraisalinstitute.org/education/scholarship.aspx.
Universities and Colleges
There are undergraduate degree and master degree programs in real estate and real estate appraising that you can take at various colleges and universities both through onsite classes at the college or university and online programs. For instance, the John Hopkins Carey Business School offers a Master of Science degree. Students learn about real estate investment and development, management and sustainable real estate. For more information about the program, you can visit their website at: http://carey.jhu.edu/our_programs/MS_Programs/full_time/FT_msre/index.html
To find out about other programs in your area, contact your local university or college.Real estate appraisal training enables a student to complete the educational requirements necessary to become a real estate appraiser and to fulfill statutory continuing educational requirements. Real estate appraisers are in high demand. Only an appraisal prepared by a certified real estate appraiser is recognized as a valid appraisal by a lender. The lender is the one who orders the appraisal when the borrower obtains financing.
The appraisal tells the lender the home’s value.While the buyer/borrower does not have much say in which appraiser is selected, it is important to request an appraiser that is familiar with the area so the property appraises correctly. If the home does not appraise, the lender will not loan the borrower the funds to buy a home, refinance or take out a second mortgage. Buyers, sellers and Realtors should all be familiar with appraisal education and experience requirements and how appraisals are used in real estate transactions.