Appraisers determine the value of properties, businesses, and personal items. Real estate appraisers are licensed at the state level, while personal and business appraisers can obtain assignments from training organizations. Education and experience requirements vary by type of appraiser. Continuing education is required, and the Uniform Standards of Professional Appraisal Practice are widely accepted.
An appraiser determines the value of a property using several specific standards. People in this position are and continue to be highly sought after for their unique skills by insurance companies, government agencies, tax assessment agencies, financial institutions, real estate agents, lawyers, museums and private collectors. Due to the wide variety of things that require assessments, people in this position can specialize in many different fields.
A real estate appraiser appraises not only residential properties, but also commercial and agricultural properties. A personal property appraiser determines the value of automobiles, art, jewelry, antique furniture and collections. A business appraiser assesses the value of a business and all of its assets, including the brand name. Anyone in this type of work must be a good communicator and highly analytical. He or she must also be able to write concise and coherent reports for the client.
At this time, only real estate appraisers are licensed at the state level. However, those who wish to work with business or personal property can obtain and receive an assignment from an organization that trains people for this type of work. The Appraisal Foundation developed the Appraisal Qualifications Board (AQB), which sets out recommendations for real estate appraisers attempting to license the state.
The Foundation’s recommended minimum requirements for a Licensed Home Appraiser are a combination of 2,000 hours of field experience and 90 hours of education. To be a certified home appraiser, you must have 2,500 hours of experience and 120 hours of education. To be a Certified General Appraiser, which means you can work on any type of property, including commercial real estate, you need to have 3,000 hours of experience and 180 hours of education. To be a personal property appraiser, you must have 1,800 to 4,500 hours of experience and 120 hours of education. A test is also required to reach each of these levels.
Many professional education organizations offer training to become an appraiser. A college degree is generally not required, but some associations grant higher designations only to those with a college degree. Each state sets its own requirements regarding the licensing test and the precise number of hours of experience and education required. The Uniform Standards of Professional Appraisal Practice, published by the Appraisal Foundation, are widely accepted as the standard by which appraisers operate. Most states also require approximately 14 hours of continuing education each year.
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