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To become a licensed appraiser, you must register with a regulatory agency, meet educational requirements, work as an intern, and pass a licensing test. Property valuation standards vary by country, but many have adopted minimum standards and licensing procedures. The US sets minimum standards through the Appraiser Qualification Board, and states may exceed them. After completing education and experience requirements, you must take the AQB appraisers exam to become a licensed appraiser.
To become a licensed appraiser, you typically need to register with a regulatory agency, satisfy educational requirements, work as an intern, and pass a licensing test. Property valuation standards are country specific. Many countries have adopted minimum standards and licensing procedures for valuers, including the United States and the United Kingdom. The industry as a whole has moved towards international standards and credentials that will facilitate the valuation of properties in an international context.
Licensing valuers are a development in the valuation industry that took root in the 1990s. In general, if you want to become a licensed valuer, you will have to look into the specific requirements of the jurisdiction in which you want to practice by contacting the government agency or another organization that sets licensing standards. The only certainty across jurisdictions is that trial licensing, like any form of licensing, will require education, training, and testing.
Organizations in the US are at the forefront of the shift to international assessment standardization, so you can look to the US licensing requirements as a basic guide to the types of criteria you will need to meet in most jurisdictions. In the US, appraiser licensing is handled by each individual state. The Appraiser Qualification Board (AQB) of The Appraisal Foundation sets minimum standards and states must at least meet them in their licensing procedures. Some states’ licensing procedures exceed the minimum requirements.
If you wish to become a licensed appraiser, you must first register with the agency that handles appraiser licensing in the jurisdiction in which you would like to practice. First, you apply for a trainee license and proceed to meet the educational requirements, which will typically be at least the AQB minimum of 60 hours of education in basic valuation principles and procedures and 15 hours of professional ethics education for raters. These educational hours can be completed at a college or university, a community or junior college, a real estate organization, or a specialist appraisal school. Meanwhile, you must complete 2,000 hours working as a trainee appraiser under a licensed appraiser over the course of two years.
After completing the education and experience requirements, you must take the AQB appraisers exam to become a licensed appraiser. This is the first level exam in three levels of appraiser credentials, which include Licensed Appraiser, Certified Residential Appraiser, and Certified General Appraiser. After you pass the Licensed Evaluator Exam, you can request to change your Student License to a Regular License.
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