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Real Estate Appraisal Classes & Course Requirements

Earning your real estate appraisal license and becoming an appraiser would require you to investigate and determine the value of residential and commercial properties. People who hire appraisers usually do it when they are going to refinance or sell a home. The appraiser would tell them how much their home is worth and how much they would likely receive for it if they placed it on the housing market.

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How an Appraisals Works

An appraisal usually starts with an appraiser visiting the property and speaking with the owners. They would then inspect the property to determine the overall condition, construction, and design it all. Once the appraiser has gathered this information, he or she searches through public records to look for any extra information which would further assist them. These searches may include previous sales, assessments, and leases.

Finally, after all relevant information has been collected; real estate appraisers come up with an estimate which determines the overall value of the property. They provide owners with detailed reports which explain why the estimate is where it is. In some cases, appraisers may be asked to show up in court to testify on behalf of a property owner. Some have their own niches as well. For example, certain real estate appraisers may specialize in commercial property while another may focus more on rental and residential property.

Real Estate Appraisal Courses & Education

Becoming a real estate appraiser involves meeting the licensing requirements for your particular state. Basically, there are three types of certifications which are widely accepted by most firms: the CGRPA (Certified General Real Property Appraiser), the SLA (State Licensed Appraiser), and the SCRPA (State Certified Residential Property Appraiser). Obtaining either one of these licenses usually requires thousands of hours of on-the-job training and over seventy five hours of education.

In terms of receiving a formal education, firms would prefer if an appraiser as at least two years of college courses under their belt. Most banks, employers, and federal agencies require a bachelor's degree in valuation sciences or real estate. Other classes which are an option include business administration, math, engineering, writing, and economics.

Getting the Job

Your first gig as a real estate appraiser will probably involve an entry-level position in college placement offices. After you receive a sufficient amount of experience and earn your license, you can apply to companies directly. You can search newspapers, employment agencies, and even online job sites to find an opening. Once you have gone through the necessary training and become experienced as an appraiser, you can then focus and specialize on specific kinds of properties. This increases your demand and makes you more valuable to the company. For example, an appraiser is possesses generalized skills is less valuable than an appraiser who is extremely experienced and skilled in industrial property (or agricultural, residential, etc.). For those individuals who receive a bachelor's degree, you can apply for positions with commercial banks.

Earnings

How much you earn as a real estate appraiser really depends on a number of variables. Obviously, you'll probably make more money if you have a higher amount of experience. You'll also make more money if you become specialized in a specific kind of property. You can expect to make between $42,000 and $81,000 as a real estate appraiser. Finding out what real estate appraisal requirements for your state are will determine which school you'll be attending. Request information from any of the schools below and talk with any of their trained representatives about how to begin.

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