How to Be Appraiser - Job Description, Skills, and Interview Questions

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Steps How to Become

1. Earn a Bachelor’s Degree. Most appraisers have a bachelor’s degree in real estate, business or economics. However, some states may accept an associate degree or a combination of education and experience.
2. Obtain an Appraisal License. It is important to check with the real estate commission in the state that you wish to practice in order to determine what type of licensure is required. Most states require a combination of training, education and testing.
3. Obtain On-the-Job Training. Even if you have a degree and a license, many states require that you work under the supervision of another licensed appraiser for a certain amount of time before you can become a fully certified appraiser.
4. Join Professional Organizations. Joining professional appraisal organizations or associations can help you network with other appraisers and stay up to date on industry trends and changes.
5. Obtain Certification. Some states require appraisers to obtain certification from the Appraisal Foundation before they can practice. Certification allows appraisers to demonstrate their knowledge and skills to the public and other professionals.

In order to keep updated and qualified as an Appraiser, it is important to stay abreast of the latest trends in the appraisal industry. This means regularly attending training courses, seminars, and conferences to learn about new developments, as well as studying current appraisal standards and practices. Knowing the latest appraisal laws, regulations, and procedures is also essential.

staying connected with other appraisers, industry professionals, and organizations can help Appraisers stay informed of the latest industry news and developments. By doing these things, Appraisers can ensure they remain knowledgeable and qualified in their field.

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Job Description

1. Real Estate Appraiser: Responsible for assessing the value of properties and determining the market price of a home or property.
2. Property Manager: Manages the leasing, maintenance and upkeep of commercial and residential properties.
3. Insurance Appraiser: Responsible for assessing damage to insured property and providing an estimate of the cost of repairs.
4. Automotive Appraiser: Conducts appraisals of cars, trucks and other vehicles, including determining their current market value.
5. Art Appraiser: Evaluates and assigns a value to pieces of artwork, antiques and other collectibles.
6. Jewelry Appraiser: Inspects and assigns a value to pieces of jewelry, such as rings, watches, earrings and necklaces.
7. Business Appraiser: Assesses the value of a business or company by examining its assets, liabilities, income, expenses and potential return on investment.
8. Machinery Appraiser: Assesses the value of industrial machinery, equipment and tools used in manufacturing, production and other industries.

Skills and Competencies to Have

1. Knowledge of appraisal principles and practices.
2. Understanding of legal and regulatory requirements pertaining to real estate.
3. Ability to accurately value properties.
4. Analytical and problem-solving skills.
5. Excellent communication and interpersonal skills.
6. Proficiency in relevant software, such as Excel and GIS mapping systems.
7. Attention to detail and accuracy.
8. Ability to work independently and manage multiple projects simultaneously.
9. Ability to work with a variety of stakeholders, such as lenders, homebuyers, and sellers.
10. Strong organizational skills.

Critical thinking is one of the most important skills to have when appraising an item. It requires an individual to be able to analyze and evaluate the facts and evidence before coming to a conclusion. Through critical thinking, an appraiser can assess the value of an item by considering factors such as its age, condition, rarity, and market demand.

This allows them to make an informed decision about the item's worth and helps them come to an accurate appraisal. having knowledge of the item's history and understanding of market trends can also be beneficial for an appraiser to help them accurately assess the item's value.

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Frequent Interview Questions

• What experience do you have in appraising properties?
• What qualifications or certifications do you hold?
• How do you approach a new appraisal project?
• Describe your process for determining the value of a property?
• How do you stay up-to-date on market trends and appraiser regulations?
• Have you ever encountered any challenging appraisals and how did you handle them?
• What tools or software do you use to perform appraisals?
• What do you think are the biggest challenges facing appraisers today?
• How do you work with clients to ensure that their expectations are met?
• How do you handle conflicts of interest during the appraisal process?

Common Tools in Industry

1. Microsoft Excel. A spreadsheet program used for organizing and manipulating data. (eg: creating budgets, tracking expenses, etc. )
2. Microsoft Word. A word processing software used for creating documents. (eg: typing letters, reports, etc. )
3. Adobe Acrobat. An application used to create, view, and edit PDFs. (eg: creating fillable forms, extracting text from documents, etc. )
4. Database Software. A program used to store and organize information. (eg: Microsoft Access, Oracle Database, etc. )
5. Project Management Software. A program used to plan and manage tasks and resources. (eg: Trello, Asana, Basecamp, etc. )
6. GIS Software. A software used to analyze and visualize geographic data. (eg: ArcGIS, QGIS, etc. )
7. CAD Software. A software used to create 2D and 3D technical drawings. (eg: AutoCAD, Solidworks, etc. )

Professional Organizations to Know

1. American Society of Appraisers
2. Appraisal Institute
3. International Right of Way Association
4. National Association of Real Estate Appraisers
5. American Institute of Real Estate Appraisers
6. International Association of Assessing Officers
7. National Association of Independent Fee Appraisers
8. Institute of Business Appraisers
9. National Association of Realtors
10. Royal Institution of Chartered Surveyors

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Common Important Terms

1. Appraisal. An assessment of the value of something, usually in terms of its monetary worth.
2. Market Value. The price a buyer is willing to pay and a seller is willing to accept for a good or service on the open market.
3. Comparative Market Analysis (CMA). A report used by real estate agents to estimate the current market value of a property.
4. Highest and Best Use. The most profitable use of a property based on current market conditions, zoning regulations, and local development trends.
5. Cost Approach. An appraisal method that considers the cost to replace an asset with a similar asset of equal utility.
6. Income Approach. An appraisal method that uses the income generated by a property as a basis for determining its value.
7. Sales Comparison Approach. An appraisal method that uses sales data from similar properties to estimate the value of a property.

Frequently Asked Questions

What is an Appraiser?

An Appraiser is a professional who evaluates the value of real estate, personal property, and other assets.

What qualifications do Appraisers need?

Appraisers need to have a valid license from the state in which they practice, as well as the necessary education and experience. Additionally, they must be knowledgeable about local laws, practices, and market trends.

How long is an Appraisal valid?

The length of time an Appraisal is valid depends on the purpose of the Appraisal and the type of property being appraised. Generally, an Appraisal is valid for up to 180 days.

Are Appraisers regulated?

Yes, Appraisers are regulated by the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC). The ASC is responsible for ensuring that Appraisers adhere to professional standards and qualifications.

How much does an Appraisal cost?

The cost of an Appraisal depends on the type and complexity of the Appraisal. Generally, residential Appraisals range from $300-$1,000, while commercial Appraisals can cost $2,000 or more.

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Web Resources

• EDU Appraisers - Appraiser, University Campus, College Campus eduappraisers.com
• appraiser | Wex | US Law | LII / Legal Information Institute www.law.cornell.edu
• Appraisal Associations - All About Gemstones - www.gia.edu