Some people may get confused when it comes to real estate appraisal, property appraisal, and home appraisal. Although all three appraisers have similar jobs, their roles are very different. A home appraiser evaluates residential property and estimates values and a real estate appraiser understands the estimated values of property in a certain community.
A property appraiser is an official that determines the real and tangible value of property in a specific county. Most property appraisers work in an area that they are familiar with. Having intimate knowledge of environmental concerns that could affect property values is helpful to the appraiser.
For the right person, choosing to become a property appraiser can be a rewarding career. Appraisal work can be interesting and fast-paced because property values are constantly changing. Technology and globalization are two reasons that property appraisal work is rapidly evolving.
A person who chooses to become a property appraiser must have the ability to conduct detailed research and analysis. Property appraisers locate and identify new and changing properties to maintain an accurate database of properties in their county. Professionals such as lenders and lawyers who need to determine the value of a property use property appraisers.
A property appraiser maintains estimates on the values of properties whenever they are sold, taxed, mortgaged, or insured. Most property appraisers specialize in a specific type of property. Individuals seeking to become appraisers can pursue appraisal work in residential, land, or commercially property valuations. It isn’t required that a person chooses a niche.
A formal education is needed to become a property appraiser. At minimum, an associate’s degree is required. Coursework in subjects such as computer science, real estate law, economics, finance, mathematics or business will prove useful to prospective property appraisers.
Appraisal coursework is also necessary to become a property appraiser. State courses and the required coursework varies from state to state, and all appraisers are required to validate their knowledge by passing a state licensing exam. In addition to a state exam, a national exam is also required. Before a person can take a licensing exam, they must have experience to accompany the knowledge they have accumulated during their coursework.
One of the best ways to gain experience as a property appraiser is to find a mentor and serve in a trainee or apprentice capacity with a professional appraiser who is already certified. When it comes to mentor programs, appraisers may find that professional appraiser organizations can play a key role in formalizing the relationship of a prospective appraiser with a certified appraiser.
