Home Appraiser Career Profile

A home appraiser offers an estimated value for residential property. Appraisers play a vital role in the process of valuing, selling and buying homes. Usually lending companies and investors obtain help from a home appraiser for purchasing or refinancing purposes. An appraiser must also respond to any formal tax inquiries or any court-related litigations. The legal system considers the description of the property given by a certified and licensed home appraiser as a reference.

Nature of the Position

A home appraiser estimates the value of the home for varied purposes. Some of these purposes include the assessment of a property tax, determination of resale price and determination of the mortgage value. A home appraiser's daily duties can be summarized as follows:

  • Appraising homes
  • Preparing appraisal reports
  • Updating knowledge of the local, state or nationwide real estate market.

They generally work for real estate companies, banks, mortgage companies or other enterprises related to real estate.

Educational Qualifications

The minimum requirements are a 4-year degree as well as licensing and certification required by state laws. You should possess mathematics and business skills and a precise knowledge of the appraisal methodology.

Training and Certification for Home Appraisers

The requirements vary from state and sometimes by the value of the property to be assessed. You must seek and obtain a home appraisal license and certification. For this license and certification, you should undertake special training programs, work as a trainee for a certain amount of time and also pass an exam. Some states also dictate regular participation in continued education.

You can enroll in an associate's degree or bachelor's degree program with courses like the Basic Principles of Appraisal, Appraisal Procedures, Appraisal Sale Comparison and Market Analysis.

A licensed home appraiser may take the National Uniform State Certified Residential Real Property Appraiser Examination. Passing this exam will enable you to practice anywhere in the U.S.

Income

A freelance home appraiser receives a variable hourly fee. Otherwise, entry-level appraisers are paid around $11.54 per hour, and experienced appraisers receive an hourly salary of $41.42, according to the Bureau of Labor Statistics. The median annual earnings were $44,460 in 2009.

Career Advancement

After gaining enough experience, you can start a consultancy company or work as an expert consultant for a larger business, perhaps a global one, and receive handsome pay.