Overview of a Real Estate Appraiser

The Appraisal Foundation is nonprofit educational organization formed by the appraisal profession in 1987. Part of the AF's structure includes the Appraisal Qualification's Board (AQB), which establishes minimum education and experience guidelines that states must use in issuing appraisal licenses. There are four categories of appraisers that distinguish between residential and nonresidential assignments and the complexity of the transactions. The following categories are listed according to their requirements, from least to most strict: Trainee Appraiser, Licensed Real Property Appraiser, Certified Residential Appraiser, and Certified General Appraiser. The requirements for becoming one of the aforementioned appraisers range from 75 hours of classroom instruction with no experience or written exam, to 300 hours of classroom instruction with 3,000 hours of appraisal experience and a written examination. Below is a video that details some of the daily activites and responsiblites of an appraiser:

http://www.youtube.com/watch?v=XGrWJTlGbZc

In summary, the daily job of a real estate appraiser is to assign a value to specific properties using their qualified opinion, on a particular day, based on the information and evidence they have available.

It is obvious that demand for real estate appraisers fluctuates directly with increases and decreases in the real estate market. Therefore, renewed real estate activity will spur demand for appraisal services. At this moment in time, the future looks bright for appraisers, and more are needed. After significant declines resulting from the subprime mortgage crisis and poor economic conditions, the real estate appraisal industry is beginning its recovery. The following link further details these statistics:

http://www.ibisworld.com/industry/default.aspx?indid=1359

Real estate appraisers are paid either by the buyer or seller of a property. They are not definitively paid by one or the other, as who pays for the appraisal can be negotiated in the sales contract. The amount the appraiser is paid is determined by the specifics of the property being appraised, for example if it's a commercial or residential property. Some national appraisal firms include Integra and Cushman-Wakefield; regional firms include Metro-West Appraisal Company, LLC and Texas Company Appraisal; and local firms include Brewster Appraisal Firm and Breedlove Appraisal Services.