- The first license credential is called a licensed appraiser, and it requires a minimum of 150 hours of appraisal coursework. The first 75 hours qualify you to work as a trainee under direct supervision of a certified appraiser. Appraisal education covers basic appraisal principles, basic appraisal procedures and the Uniform Standards of Professional Appraisal Practices. To test for their license, trainees complete further courses in market analysis, highest and best use, site valuation, cost approach, sales comparison approach, income approach and report writing. Certified residential appraisers must complete 200 hours of additional appraisal education, and certified general appraisers need 300 hours. Advanced education includes statistics, finance and advanced courses in appraisal practices.
- Licensed appraisers can obtain their license without taking college courses. Certified residential appraisers must earn an associate's degree or higher, and certified general appraisers must complete a bachelor's degree. In lieu of the college degrees, the Appraisal Standards Board requires the successful completion of specific college-level courses that add to the depth of an appraiser's knowledge and experience, such as economics, finance and business courses.
- In addition to educational experience, appraisers must log their experience hours for each level of license. The Appraisal Standards Board requires trainees to log 2,000 hours of appraisal experience over at least 12 months under the direct supervision of a certified appraiser. Once completed, they can test for the licensed appraiser certificate. Certified residential appraisers need 2,500 hours of experience logged over at least two years, and certified general appraisers require 3,000 hours logged over at least 30 months. At least half of the 3,000 hours must include nonresidential appraisal experience, such as commercial appraisals.
- With each level of licensing, appraisers may accept increasingly complex assignments. A licensed appraiser may appraise one to four family homes up to a value of $1,000,000 if the appraisal does not require complex analysis. Licensed appraisers can accept complex appraisal assignments if the value remains below $250,000. They may not appraise a subdivision if it requires an analysis of the development. Certified residential appraisers may appraise one to four family homes without restrictions on the complexity of the assignment or the value of the property. Certified general appraisers may accept assignments for all types of property, including commercial appraisals.
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