Appraisers need a license and certification, as well as an educational background, to value real estate. Qualifications vary based on regional mandates and property type or value limitations. Competencies covered in training programs include valuing real estate, conducting assessments, and interpreting data. Passing an exam leads to a license, but may limit the appraiser’s activities. Educational requirements vary by jurisdiction, with some requiring an undergraduate degree and others setting minimum standards for on-the-job training and property valuation courses.
There are several types of appraiser qualifications for those who want to value real estate. Generally, obtaining a license and certification are essential qualifications for the valuer. An educational background of at least an undergraduate degree is also a common qualification for most valuer positions. In addition, assessors’ qualifications are often met through on-the-job training at a local tax assessment agency.
Qualifications to work as an appraiser can vary based on a number of different factors. Some places have regional mandates that determine how a local tax assessment agency sets eligibility standards. Property type or value limitations in a local town can also become a factor in appraisers’ qualifications.
Most local agencies may require an individual to become a certified appraiser. To obtain this qualification, the individual may enroll in a training program for appraisers accredited by the regional authority. Typically, licensing and certification training programs prepare an individual to demonstrate the necessary competencies in the appraiser’s field.
There are several areas of competency that most appraiser certification programs cover. Valuing real estate is generally a core competency as it encompasses the core job function. Familiarity with the planning process for conducting an assessment is another essential skill. Mastery of the validation process also demonstrates a competency to interpret data related to property values correctly.
Completing a training program can prepare an individual to sit for an exam. In general, the exam tests how well an individual understands key property valuation skills. Upon passing the examination, the licensing authority that oversees the profession may issue a license certifying that the individual meets the assessor’s qualifications.
While earning a license as a certified valuer is an essential qualification, it may limit the activities in which the valuer can participate. For example, an appraiser may only qualify to appraise residential properties. Another limitation may be that appraised residential properties cannot exceed a specified monetary value.
The educational component of assessors’ qualifications can also vary by jurisdiction. In some jurisdictions, requirements may include an undergraduate degree, including courses related to real estate. Other jurisdictions may accept a degree such as statistics or business law, which can also equip an individual with the right skill set.
For some jurisdictions, the individual may not need formal education before obtaining a license and certification. If this is the case, the regional or local authority will set minimum standards for obtaining certified valuer status. This may include a set number of hours of on-the-job training to conduct real estate appraisals. In addition, some jurisdictions may require completion of basic courses in property valuation.
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