Appraisers and assessors of real estate held about 80,100 jobs in 2018. The largest employers of appraisers and assessors of real estate were as follows:
|Local government, excluding education and hospitals||31%|
|Finance and insurance||6|
Although appraisers and assessors of real estate work in offices, they may spend a large part of their time conducting site visits to assess properties. Time spent away from the office depends on the specialty. For example, residential appraisers tend to spend less time on office work than commercial appraisers, who might spend up to several weeks analyzing information and writing reports on one property. Appraisers who work for banks and mortgage companies generally spend most of their time inside the office, making site visits only when necessary.
Appraisers and assessors of real estate typically work full time during regular business hours. However, self-employed appraisers, often called independent fee appraisers, usually work more than a standard 40-hour workweek, because they must often write reports during evenings and on weekends.
The requirements to become a fully qualified appraiser or assessor of real estate are complex and vary by state and, sometimes, by the value or type of property. Most appraisers and assessors of residential or commercial property must have at least a bachelor’s degree to obtain certification. The entry-level state license category typically does not require a bachelor’s degree. Check with your state's licensing board for specific requirements for both assessors and appraisers.
Although requirements may vary by state, certified appraisers and assessors of residential or commercial property usually need at least a bachelor’s degree.
College courses in subjects such as economics, finance, mathematics, computer science, English, and business or real estate law can be useful for prospective appraisers and assessors.
Most states set education and experience requirements that assessors must meet in order to practice. A few states have no statewide requirements; instead, each locality sets the standards. In some localities, candidates may qualify with a high school diploma.
Employers generally require candidates to take basic appraisal courses, complete long-term on-the-job training, and work enough hours to meet the requirements for licenses or certificates.
Licenses, Certifications, and Registrations
Federal law requires appraisers to have a state license or certification when working on federally related transactions, such as appraisals for loans made by federally insured banks and financial institutions. The Appraisal Foundation (TAF) offers information on appraisal licensing. There is no such federal requirement for assessors, although some states require certification. For state-specific requirements, applicants should contact their state board.
Real property appraisers usually value one property at a time, while assessors value many at once. However, both occupations use similar methods and techniques. As a result, assessors and appraisers tend to take the same courses for certification. In addition to passing a statewide examination, candidates must usually complete a set number of on-the-job hours.
The credential level determines what type of property a person may appraise. The four federal appraiser classifications are as follows:
• Licensed Trainee Appraiser
• Licensed Residential Appraiser
• Certified Residential Appraiser
• Certified General Appraiser
Many states offer a Licensed Trainee Appraiser credential to candidates working toward licensure or certification. Training programs vary by state, but they usually require candidates to take at least 75 hours of specified appraiser education before applying for a job as a trainee.
Many states offer the Licensed Residential Appraiser. With this license, a qualified person may appraise noncomplex one-to-four unit residences with a value of less than $1 million and complex one-to-four unit residences with a value of less than $250,000. A candidate must have the following qualifications to get this license:
• 30 semester hours of college-level education
• 150 hours of appraiser-qualifying education
• 2,000 hours of on-the-job training completed over at least 1 year
Being a Certified Residential Appraiser is the minimum requirement to appraise a one to four unit residential property with a loan amount over $250,000. A candidate must have the following qualifications to get this certificate:
• Bachelor’s degree
• 200 hours of appraiser-specific qualifying education
• 2,500 hours of work experience completed over at least 2 years
Being a Certified General Appraiser permits a person to appraise real property of any type and any value. A candidate must have the following qualifications to get this certificate:
• Bachelor’s degree
• 300 hours of appraiser-specific qualifying education
• 3,000 hours of work experience completed over at least 2½ years (1,500 hours must be in nonresidential appraisal work)
For all of these credentials, except the Trainee License credential, candidates must have the following qualifications:
• Have 15 hours of instruction on the Uniform Standards of Professional Appraisal Practice
• Pass an exam
Unlike appraisers, assessors have no federal requirement for certification. In states that mandate certification for assessors, the requirements are usually similar to those for appraisers. For example, the International Association of Assessing Officers (IAAO) offers the Certified Assessment Evaluator (CAE). This designation covers topics that include property valuation for tax purposes, property tax administration, and property tax policy. Applicants are required to have a bachelor's degree prior to obtaining the designation.
For those states that do not require certification for assessors, individual companies often require the candidate to take basic appraisal courses, complete on-the-job training, and meet the work-hours requirements for appraisal licenses or certificates. Many assessors also have a state appraiser license or credential.
Assessors tend to start working in an assessor's office that provides on-the-job training; smaller municipalities are often unable to provide this work experience. An alternate source of experience for aspiring assessors is working for a revaluation firm.
Both appraisers and assessors must take continuing education courses to keep the license or certification. Exact requirements vary by state and certification.
Appraisers and assessors of real estate typically have an interest in the Building, Persuading and Organizing interest areas, according to the Holland Code framework. The Building interest area indicates a focus on working with tools and machines, and making or fixing practical things. The Persuading interest area indicates a focus on influencing, motivating, and selling to other people. The Organizing interest area indicates a focus on working with information and processes to keep things arranged in orderly systems.
If you are not sure whether you have a Building or Persuading or Organizing interest which might fit with a career as an appraiser and assessor of real estate, you can take a career test to measure your interests.
Appraisers and assessors of real estate should also possess the following specific qualities:
Analytical skills. Appraisers and assessors of real estate use many sources of data when valuing a property. As a result, they must carefully research and analyze all data before estimating a value and producing a final written report.
Customer-service skills. Because appraisers must regularly interact with clients, being polite and friendly is important. In addition, these characteristics may help expand future business opportunities.
Math skills. Accurately analyzing real estate data, such as calculating square footage of land and building space, requires workers to have good math skills.
Organizational skills. To successfully accomplish all the tasks related to appraising and assessing a property, appraisers and assessors of real estate need good organizational skills.
Problem-solving skills. Appraisers and assessors of real estate may encounter unexpected problems when appraising or assessing a property's value. The ability to develop and apply an alternative solution is crucial to successfully completing the appraisal and report on time.
Time-management skills. Appraisers and assessors of real estate often work under time constraints, sometimes appraising many properties in a single day. As a result, managing time and meeting deadlines are important.
The median annual wage for appraisers and assessors of real estate was $57,010 in May 2019. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $31,160, and the highest 10 percent earned more than $104,540.
In May 2019, the median annual wages for appraisers and assessors of real estate in the top industries in which they worked were as follows:
|Finance and insurance||$66,430|
|Local government, excluding education and hospitals||53,540|
Earnings for independent fee appraisers can vary significantly because they are paid fees on the basis of each appraisal.
Appraisers and assessors of real estate typically work full time during regular business hours. However, self-employed appraisers, often called independent fee appraisers, usually work more than 40 hours per week, because they often write reports during evenings and on weekends.
Employment of appraisers and assessors of real estate is projected to grow 7 percent from 2018 to 2028, faster than the average for all occupations.
Demand for appraisal services is linked to the real estate market, which can fluctuate in the short term. Over the long term, employment growth will be driven by economic expansion and population increases—factors that generate demand for property.
Greater use of mobile technology, which enables workers to appraise and assess properties more efficiently, will increase productivity. In addition, the increased use of automated valuation models to aid in the appraisal of property for mortgages might also increase productivity.
Overall job opportunities are expected to be good. Employment opportunities should be best in areas with active real estate markets. Job prospects should be best for those who are able to switch specialties and appraise different types of properties.
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