Over the course of the past year the US housing market has been booming. Low interest rates coupled with a nationwide pandemic have led to a whirlwind of activity in the housing and banking industries. Homeowners and buyers alike rushed to take advantage of historically low mortgage rates which fueled an increased demand in the home appraisal business. Appraisers have appreciated the increased workload; especially given the general economic situation our country is currently experiencing. “How do I get started in this field?” you may be wondering. It does take a bit of work, but the rewards are definitely worth it.

Becoming an Appraiser doesn’t happen overnight. There is a lot involved between the educational and field hour requirements. On a national level, future Appraisers must complete 75 hours of education from an Appraiser Qualifications Board (AQB) approved provider. In addition to the coursework mandated at a national level, each state also has its own requirements. Some states require specific degrees to be earned or a certain number of college level course hours to be taken. They also require additional field hours to be earned before Trainee status can be conferred.

After all the initial hours have been completed in the classroom, a Trainee then is required to work an additional 1000 hours on the job as an apprentice Real Estate Appraiser under the leadership of a Licensed Real Estate Appraiser. This must be completed within a six-month timespan.

This requirement can be difficult to fulfill, but quite often someone interested in learning the field can locate an appraiser within their area or a bank that will take them on to get the required experience.  Upon completion of the required field hours, the Trainee can officially sit for the Residential Real Estate Property Appraiser Exam. Once they pass the exam, they’re then allowed to apply for their license.

That doesn’t mean an Appraiser is free to appraise all properties, though. There are limits for the new Appraiser. To be able to appraise properties over $1 million would require the new Appraiser to either become a Certified Residential Appraiser or a Certified General Appraiser.  Each requires additional coursework, hours earned in the field, and have increased requirements regarding types of degrees earned. (Please refer to your state’s agency to see the exact requirements needed for each).

Though the educational requirements are intense, the payoff can be rewarding. The U. S. Bureau of Labor Statistics lists the median income for all Real Estate Appraisers in 2019 at $57,010 per year. The highest 10% of Appraisers earned well over $100,000 in 2019.

Here at The Appraisal Station, we pride ourselves on providing the highest quality appraisal that we can for our customer. Our certified residential appraisers are fully trained and licensed and are standing by to help give you the knowledge that you need to make the best decisions possible for your home. Looking for an appraisal? Click here for a free quote or give us a call at 614-899-6943.