How to Become a Commercial Real Estate Appraiser
A commercial real estate appraiser inspects office buildings, warehouses, stores and other commercial properties to determine their dollar value before they are sold, developed or insured. Most work at banks or mortgage companies, but some become commercial real estate appraisers because they want to be self-employed either full or part time. Commercial real estate appraisers may spend several weeks doing research and writing reports about the properties they appraise. Experienced appraisers can earn over 0,000 per year.
Find out what the requirements are to be certified as a commercial real estate appraiser in your state.The Appraisal Qualifications Board lists the minimum requirements for all appraisers nationally, but each state may impose additional requirements.
- Check to see if your state puts limits on what you can do based on your experience and education. You may be limited in the dollar value of the properties you can appraise, or whether you can testify in court.
- Apply for a certification or a license after passing all the required courses and working under a licensed appraiser for the required number of hours. You may also have to pass a licensing exam administered by the state body charged with overseeing real estate appraisers.
- National requirements are as follows
- Licensed Residential: 2,000 Experience hours, 150 License Education hours
- Certified Residential: 2,500 Experience hours, 200 License Education hours
- Certified General: 3,000 Experience hours, 300 License Education hours
Obtain a college degree.Most states require one for commercial appraisers, but you may still qualify without a degree if you've completed a certain number of credit hours. It's very helpful to take courses in finance, economics, business and similar subjects, including English. Ask an adviser at your college or university for advice in which degree program to pursue.
Attend the required training courses.You can take classes at night while working other jobs, save enough money to meet your living expenses and pay tuition while you attend classes during the day or take classes online. Your state's real estate regulatory agency can help you choose a quality training program.
Work under the supervision of a certified general real estate appraiser.You will have to work a minimum number of hours as a trainee doing commercial appraisals before you can obtain a certification, and it's unlikely you will be hired to perform appraisals without being certified. The number of hours you must work as a trainee vary by state.
Take your state's certification or licensing exam.Exams are administered by the states but are overseen by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council, a federal government organization that ensures all real estate appraisers meet certain requirements. You will also be required to sign off on a code of ethics.
Do you need a degree in Massachusetts ? if so, what kind of degree?
Do you need a degree in Massachusetts? If so, what kind of degree?
Who handles licensing in the state of New Jersey for real estate appraisers?
Is there training in N.C.?
How long will it take to become certified?
- You may find it useful to join one or more membership organizations for appraisers. Such organizations offer educational programs and networking opportunities that can help you get established in your career. You can also obtain a designation from these organizations, awarded when you complete a certain amount of additional education or when you have demonstrated special expertise or experience.
- You will start earning money sooner if you begin as a certified appraiser of residential real estate, which will allow you to conduct appraisals under certain restrictions such as value, type and number of living units on the property. While working, you can take additional courses to become a licensed residential real appraiser and/or a certified general real estate appraiser, which will allow you to appraise commercial real estate.
- To maintain your certification, you will have to take a minimum number of hours in additional training every year. Every appraiser is required to take a course in the National Uniform Standards of Professional Appraisal Practices every two years.
Video: 5 Reasons To Work In Commercial Real Estate as an Agent
This Is What Your Perfect Fatigue-Free Day Looks Like
How to Clean Brushed Nickel
9 Vegan Recipes Even Meat Eaters Will Love
Dossier Journal, Issue 5: Darias Apartment
How to Do the Best at Cheerleading Tryouts
How to Ballet Dance
Every Moustache Style Its Acceptable To Have In 2019 (And A Few That Arent)
Calming Kids Fears About Dental Visits
How to Get Good Grades in Middle School
How to Explain Psoriatic Arthritis
How to Pay Monthly Bills on Time
HealthTalk: Healthy Eating and Cooking Tips for Managing Type 2 Diabetes
Key Men’s PrintPattern Shorts For Summer 2013
How To Do A Chemical Peel At Home – What You Need To Know