Online Schools for Real Estate Appraisers
Do you find yourself driving by houses and wondering what they are worth? Does the idea of working in real estate excite you? If so, you might consider a career as a licensed or certified real estate appraiser, which is someone who researches and examines a property to set a value on it. You can gain the required education online; read on to learn more about online schools for real estate appraisers. Schools offering Real Estate degrees can also be found in these popular choices.
What Are the Educational Requirements to Become a Real Estate Appraiser?
The U.S. Bureau of Labor Statistics (BLS) asserts that most real estate appraisers must be licensed or certified by the state in which they practice (www.bls.gov). One component of the licensure requirement is a certain amount of general and industry-specific education. The BLS mentions that you'll need at least an associate's degree or a number of units of specified college-level education to become a certified appraiser.
In addition, you'll have to successfully complete a number of appraisal courses offered from a school that has been approved by the Appraisal Foundation. The Appraisal Foundation has been authorized by Congress as the nation's source of appraisal standards and appraisal qualifications. You'll find a directory of approved on-campus and online programs offered by various schools and organizations at the Foundation's website (www.appraisalfoundation.org).
There are two basic levels of appraisal certification. The first is Certified Residential Real Property Appraiser, while the second is Certified General Property Appraiser. Level one requires you to have an associate's degree or 21 college-level education units, while level two calls for a bachelor's degree or 30 college-level education units.
What Courses Will I Take?
Level one residential appraisal certification calls for 200 hours of appraisal-related class work. Level two general appraisal certification mandates 300 hours of appraisal-related coursework.
Basic instruction at each certification level includes the 15-hour course in the Uniform Standards of Professional Appraisal Practice (USPAP). Each program also includes courses in basic appraisal procedures and principles, residential market analysis and highest and best use, residential site valuation and cost approach, and residential report writing and case studies.
Level two instruction may include courses in statistics modeling and finance, advanced residential applications, fair housing issues and environmental impact considerations.
Once I Complete My Appraisal Courses, Am I Certified?
Since specific requirements to become a fully qualified real estate appraiser vary by state, you should access the directory of state agencies provided by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council (www.asc.gov) to find your state's requirements.
The BLS states that typically, you'll need 2,500 hours of work experience over the past 24 months to be eligible to sit for the Certified Residential Real Property Appraiser examination. To be eligible to sit for the Certified General Real Property Appraiser examination, you'll need 3,000 hours of work experience garnered over the previous 30 months.
In order to retain certification at any level, you must pass the 7-hour USPAP Update Course every two years. You'll also have to accumulate a minimum of 14 hours of continuing education credit each year. The USPAP Update Course, as well as continuing education courses, are available online from numerous schools and organizations.
To continue researching, browse degree options below for course curriculum, prerequisites and financial aid information. Or, learn more about the subject by reading the related articles below: