an appraiser

What is an appraiser?

An appraiser is one who develops and reports an opinion of value on a specific type of property. Appraisers may opt to specialize in various disciplines such as:

• Real Property appraisal, which is the valuation of real estate. Real Property appraisers can choose specialties to practice within such as residential, commercial and agricultural.

• Personal Property appraisal, which encompasses all types of personal property such as fine and decorative arts, antiques, gems and jewelry, and machinery and equipment.

• Business Valuation which is the valuing of businesses including all tangible and intangible assets ranging from the value of the equipment to the value of the business name or logo.

• Mass Appraisal which encompasses techniques that are used when valuing multiple types of real property or personal property using generally recognized formulas.

While most appraisers choose to specialize in just one area of practice, many appraisers practice in more than one discipline.

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<>What skills are required to become an appraiser? <>
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<>All appraisers must have good analytical skills and work well with numbers. In addition, appraisers spend much time interacting with clients and writing reports, so good oral and written communications skills are a must. <>
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<>Does the government regulate appraisers? <>
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<>Currently, the government regulates only real property appraisers. The power of regulation currently rests with the individual states and territories that issue licenses and certificates to real property appraisers. In addition, each individual state appraiser regulatory agency is responsible for disciplining appraisers.

At this time, there are no immediate plans for the regulation of appraisers who specialize in other types of property.

How do I become an appraiser?

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The process of becoming an appraiser differs according to the various appraisal disciplines. Most appraisers are required to have a certain number of hours of education and experience. In addition, if an appraiser wishes to become state licensed or certified in real property or if an appraiser wishes to become “designated” by an appraisal organization, they must also pass a comprehensive examination.

The Appraiser Qualifications Board (AQB) of The Appraisal Foundation establishes the following minimum criteria (current and as of 1/1/08) for state licensed/certified real property appraisers:

Category	Current Requirements1	1/1/08 Requirements1, 2	1/1/08 College-Level Course Requirements3
License	90 hours	150 hours	None
Certified Residential	120 hours	200 hours	Associate degree or higher. In lieu of the required degree, Twenty-one (21) semester credit hours covering the following subject matter courses: English Composition; Principles of Economics (Micro or Macro); Finance; Algebra, Geometry or higher mathematics; Statistics; Computer Science and Business or Real Estate Law.
Certified General	180 hours	300 hours	Bachelors degree or higher. In lieu of the required degree Thirty (30) semester credit hours covering the following subject matter courses: English Composition; Micro Economics; Macro Economics; Finance; Algebra, Geometry or higher mathematics; Statistics; Computer Science, Business or Real Estate Law; and two (2) elective courses in accounting, geography; agricultural economics; business management; or real estate.

1 Hours required include completion of the 15-hour National USPAP Course (or its equivalent).

2 Hours required include specific core curriculum courses and hours – please see the Real Property Appraiser Qualification Criteria for details.

3 College-level courses and degrees must be obtained from an accredited college or university.

For those seeking a real property credential: Please note that individual states may adopt requirements more stringent than the national requirements, and may opt to impose those requirements prior to January 1, 2008. Therefore, applicants for a real estate appraisal license or certification should always check with their state board for individual requirements.

For more information, please review the brochure entitled “How to Enter the Real Property Appraisal Profession,” which is available on a complimentary basis from The Appraisal Foundation.

The AQB has also established voluntary minimum criteria for personal property appraisers.

Experience Required	Education Required		Exam Required
Personal Property Appraiser Minimum Qualification Criteria	*1,800-4,500 Hours	120 hours	Yes

* Experience requirements range from 1,800 hours of personal property appraisal experience, of which 900 hours must be specialized, to 4,500 hours of market related personal property non-appraisal experience in areas of specialization.

Do I need a college degree to become an appraiser?

Appraisal education in the United States has typically been provided by professional appraisal organizations. Accordingly, at the present time it is not necessary to have a college degree in order to become an appraiser. Many appraisers choose to receive training through traditional methods, such as through professional appraisal organizations. It should be noted that some of these associations require a college degree for their advanced designations. On an increasing basis, appraisers are supplementing their education through courses at the community college or university level.

With regard to real property appraisal, effective January 1, 2008, there are college-level education requirements for the Certified Residential and Certified General classifications. These requirements can be found in the Real Property Appraiser Qualification Criteria publication available from The Appraisal Foundation.

What is an appraisal “designation”?

An appraisal designation is awarded by one of many professional trade organizations that represent appraisers (see listing of Appraisal Sponsors on the back panel). Designations are awarded after an individual has completed a specific course of appraiser training through an organization. Each organization offers multiple designations in differing fields or specialties.

How do I become a designated appraiser?

You will need to contact one of the many professional organizations representing appraisers regarding membership and the course of action for membership and designation requirements.

<> <>Why should I join a professional appraisal organization? <>
A professional appraisal organization provides appraisers with the opportunity to network with other professionals, to keep abreast of pertinent issues such as regulatory changes, and to receive continuing education. <>

How do I obtain trainee experience? <>

Trainee experience can be gained by aligning yourself with a professional, established appraiser as an apprentice or a trainee. Many appraisers work as an apprentice while completing the required education. Many states have formal trainee programs for real property appraisers.

What is the demand for qualified appraisers?

<>There is a wide array of clients that use appraisals such as lenders, insurance companies, attorneys, governments, museums and tax assessors. <>

What is The Appraisal Foundation? <>

The Appraisal Foundation is a non-profit educational organization dedicated to the promulgation of professional appraisal standards and appraiser qualifications for all appraisal disciplines. The Foundation accomplishes this mission through the work of two independent Boards, the Appraiser Qualifications Board (AQB) and the Appraisal Standards Board (ASB).

Why should I be interested in the work of The Appraisal Foundation?

The Appraisal Foundation, through its Appraisal Standards Board (ASB), publishes the Uniform Standards of Professional Appraisal Practice (USPAP), which is the generally accepted set of performance standards for appraisers. It is these standards that are enforced by state governments and various professional appraisal organizations. In addition, the minimum qualifications for certain appraisal disciplines are established by the Appraiser Qualifications Board (AQB) of the Foundation.

Who are the Appraisal Sponsors of The Appraisal Foundation?

The organizations listed on the next panel meet certain criteria to be a Sponsor and also provide financial support and advice to the Foundation. Appraisal Sponsors are non-profit appraisal organizations. Affiliate Sponsors are non-profit organizations with an interest in valuation. All of our Appraisal Sponsors offer educational programs and represent the interests of appraisers.