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

Jul 12, 2020 / 5 Minutes Read / By Albert

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The property appraiser plays a vital role in the real estate market. The property appraiser is responsible for determining the fair market value of a piece of real estate. This value is often used to determine the tax rate for the property, aid in mortgage lending decisions, and decide the amount of insurance coverage needed.

Without the property appraiser's assessment, buyers, lenders, and other entities would be unable to make informed decisions about a piece of real estate. The process involves an in-depth analysis of the property including the quality of construction, location, and comparative sales data. The accuracy of an appraisal depends on the appraiser's expertise and knowledge.

As such, it is important to select a qualified and experienced professional to ensure that the value of a property is accurately determined.

Steps How to Become

Obtain an education. Property appraisers must have a bachelor's degree in real estate, finance, economics, or a related field in order to work in the field.
Pursue licensure. Most states require property appraisers to be licensed. Requirements vary by state, but typically include completing an approved education program, passing a written exam, and having a certain number of years of experience working in the field.
Gain experience. Many states require property appraisers to have a certain number of years of experience in the field before they can become licensed. Apprenticeships or internships at real estate firms are a great way to gain this experience.
Get certified. Becoming a certified property appraiser is not required, but it can be beneficial to those who want to specialize in a certain type of appraisal or who want to demonstrate their expertise in the field.
Stay up-to-date on market trends. Property appraisers must stay informed about market trends and know the properties in their area. They must also understand the legal implications of appraisals and the impact of economic and social changes on property values.

Staying ahead and competent in the field of property appraisal requires a commitment to continual learning and professional development. Taking the initiative to stay informed on new industry trends, regulations, and best practices is essential for staying ahead in the field. Participating in seminars, conferences, and courses on the latest appraisal techniques and technologies can help property appraisers stay up to date and increase their knowledge base.

staying active in professional associations, such as the Appraisal Institute, can help appraisers stay connected to like-minded professionals and access additional resources. By taking the time to invest in their professional development, property appraisers can remain competent and ahead of the curve.

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Job Description

Research and analyze real estate properties to determine their value for tax purposes.
Utilize a variety of resources to determine the current market value of a property, including appraisals, local real estate data and real estate trends.
Prepare detailed reports on the estimated value of a property and any factors influencing the value.
Prepare tax assessments for real estate property owners according to local, state and federal regulations.
Develop knowledge of local and national real estate trends and information about potential property investments.
Work with homeowners, buyers, sellers, lenders, brokers and other stakeholders to complete appraisals and assess taxes.
Regularly inspect properties to ensure accuracy of appraisals.
Attend and participate in real estate auctions, seminars and conferences to stay up-to-date with industry trends.
Respond to inquiries from homeowners, lawyers and other stakeholders regarding property appraisals and taxes.
Maintain accurate records on property appraisals, assessments and other documents in accordance with local regulations.

Skills and Competencies to Have

Knowledge of real estate appraising principles, practices and procedures.
Ability to apply mathematical principles to property value calculations.
Excellent communication and interpersonal skills.
High level of accuracy and attention to detail.
Proficiency in the use of computer-aided software and related technologies.
Knowledge of local real estate markets and trends.
Understanding of zoning regulations and related laws.
Ability to work independently and as part of a team.
Thorough understanding of applicable appraisal standards and guidelines.
Ability to analyze and interpret financial data.

Property appraisers must have a combination of technical and interpersonal skills to accurately assess the value of a property. To begin, a strong understanding of economics and mathematics is essential for calculating and evaluating market data. Knowledge of local real estate laws and regulations is also important for appraisers to be able to accurately assess a property's worth.

property appraisers must be adept at problem solving and research skills in order to identify any factors that could affect the appraised value of the property. Finally, strong communication and interpersonal skills are essential for effectively interacting with clients, colleagues, and other stakeholders. By having the right combination of technical and interpersonal skills, property appraisers are able to provide accurate and reliable valuations of properties.

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Frequent Interview Questions

What experience do you have in the property appraisal field?
How do you prioritize competing tasks and deadlines?
What methods do you use to determine the value of a property?
What challenges have you faced while appraising properties?
How do you stay up to date on changes in the real estate market?
What techniques do you use to ensure accuracy in your appraisals?
How do you collaborate with other professionals when appraising properties?
How have you handled difficult conversations with clients related to their property appraisals?
Describe a time when you had to make a difficult decision as a property appraiser.
What processes do you follow when preparing a detailed report for a client?

Common Tools in Industry

Cost Approach. A commonly used real estate appraisal method that considers the cost of replacing a structure with one of similar quality, utility, and desirability. (eg: Evaluating a home based on what it would cost to rebuild it).
Market Analysis. A method of appraising real estate by comparing it to similar properties that have recently sold in the area. (eg: Analyzing the sale price of comparable homes to determine the value of a property).
Income Capitalization. A method of appraising real estate by estimating its potential income-generating capacity. (eg: Determining the value of a rental property based on its rental income).
Comparable Sales. A method of appraising real estate by comparing it to similar properties that have recently sold in the area. (eg: Comparing sale prices of similar properties to determine the value of a property).
Replacement Cost Approach. A method of appraising real estate by estimating the cost of replacing a structure with one of similar quality, utility, and desirability. (eg: Evaluating a home based on what it would cost to rebuild it).

Professional Organizations to Know

Appraisal Institute
American Society of Appraisers
International Association of Assessing Officers
International Right of Way Association
National Association of Independent Fee Appraisers
National Association of Real Estate Appraisers
Society of Real Estate Appraisers
National Association of Realtors
American Society of Farm Managers and Rural Appraisers
Institute of Real Estate Management

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Common Important Terms

Assessment. The act of determining the value of a property for taxation purposes.
Appraisal. An assessment of a property's value by a qualified appraiser.
Property Tax. A tax imposed on real estate based on its appraised value.
Market Value. The price a willing buyer would pay and a willing seller would accept for a property in an open market.
Fair Market Value. The estimated price that a property would bring if it were sold in a competitive market between a willing buyer and seller, with neither party under any compulsion to buy or sell.
Assessed Value. The value at which a property is assessed for taxation purposes, often lower than the market value.
Exemption. A reduction in the amount of property taxes owed based on certain criteria such as age or disability.
Taxable Value. The value of a property after all exemptions have been applied.

Frequently Asked Questions

What is the purpose of a Property Appraiser?

The primary purpose of a Property Appraiser is to assess the value of real estate and other property for taxation purposes.

Who typically uses the services of a Property Appraiser?

Property Appraisers are typically used by local governments, banks and other lenders, and individuals seeking to buy or sell real estate.

What factors do Property Appraisers consider when assessing the value of a property?

Property Appraisers typically consider factors such as location, age, condition, size, amenities and recent comparable sales in the area when assessing the value of a property.

How often do Property Appraisers reassess the value of a property?

Property Appraisers typically reassess the value of a property every two to four years, although this varies by location and jurisdiction.

What is the difference between an assessment and an appraisal?

An assessment is the process of determining a propertys value for taxation purposes, while an appraisal is an opinion of a propertys worth for other purposes such as mortgage financing or sales transactions.

Web Resources

Property Appraisal - Tallahassee Community College www.tcc.fl.edu
Property Appraiser / Assessor McKimmon Center for Extension ... mckimmoncenter.ncsu.edu
Real Property Appraiser I/II/III Career Services | UNLV careerlaunch.unlv.edu