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

Jan 13, 2022 / 5 Minutes Read / By Albert

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The real estate appraiser is a professional who evaluates the value of a property. The appraiser plays a critical role in the real estate market, ensuring that buyers, sellers, and lenders are making informed decisions based on accurate market information. The appraiser's work affects everyone involved in the real estate transaction, from the homebuyer to the mortgage lender and the title company. An inaccurate appraisal can lead to a costly mistake or an unfair transaction, and a qualified appraiser can help ensure that all parties are paying a fair price.

Steps How to Become

Earn Your High School Diploma or GED. Depending on the state you live in, you may need to have a high school diploma or GED in order to become a real estate appraiser. Check with your states licensing requirements to make sure.
Complete an Appraisal Education Program. All states require that real estate appraisers complete a certain amount of coursework before they can become licensed. This education program can be completed online and is typically between 100-200 hours total.
Obtain an Appraiser Trainee License. Most states require you to have an appraisal trainee license before you can become a certified real estate appraiser. This license requires you to work under the supervision of another certified appraiser for a certain period of time.
Take and Pass the Appraisal Exam. Once youve completed the required coursework, you need to take and pass the appraisal exam. This exam is typically comprised of two parts, a national part and a state part.
Apply for Certification. Once youve passed the exam, you can apply for certification with your states appraisal board. You may be required to complete additional paperwork and fees, depending on the state you live in.
Maintain Your License. In order to keep your real estate appraisal license active, you must complete continuing education courses every year. Be sure to check with your states requirements for continuing education as they can vary from state to state.

As a real estate appraiser, it is important to stay up to date and competent. To do this, one must be proactive in their professional development. Taking continuing education courses, networking with colleagues and staying abreast of the ever-changing real estate market are all essential components of staying knowledgeable and proficient in the field.

understanding how to use appraisal software and technology can help inform appraisers of new trends, changes in laws and regulations, and market updates. Keeping up with certifications and licensures is also essential, as it demonstrates to clients an appraiser's commitment to excellence. With all these steps, real estate appraisers can remain competent and knowledgeable in their field.

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Job Description

Conduct real estate appraisals of residential, commercial, industrial, and agricultural properties.
Analyze and interpret data from a variety of sources, including market analyses, legal documents, and other real estate reports.
Review real estate sales data and research property condition, building codes, zoning regulations, and other applicable laws.
Prepare detailed written reports of the appraisal findings and present them to clients.
Negotiate and coordinate with clients to ensure that all requirements are met throughout the appraisal process.
Attend client meetings and court proceedings to represent the appraisal findings.
Perform market research to identify current and future trends that may affect property values.
Remain up-to-date on current real estate appraising methods and regulations.
Perform other related duties as assigned by supervisor or management.

Skills and Competencies to Have

Extensive knowledge of real estate markets and trends
Knowledge of local zoning laws and regulations
Ability to interpret data and market conditions
Highly organized with strong attention to detail
Excellent written and verbal communication skills
Analytical and problem-solving abilities
Ability to work independently and as part of a team
Proficient in the use of computer software programs such as Microsoft Excel and appraisal software
Understanding of appraisal practices, procedures, and principles
Knowledge of appraisal theory, methodologies, and standards

Real estate appraisers are highly skilled professionals who must possess a deep knowledge of the real estate market in order to accurately assess the value of a property. Their skills and expertise are essential to many aspects of the real estate industry, from helping buyers make informed decisions to providing lenders with reliable data to help them make sound lending decisions. The most important skill for a real estate appraiser is the ability to understand and apply the principles of appraisal theory.

This includes being able to properly analyze a property's location, condition, and features, as well as predicting future market trends. real estate appraisers must be able to effectively communicate their findings to clients in a clear, concise manner. Lastly, real estate appraisers must be knowledgeable of applicable laws and regulations surrounding appraisal practices in order to ensure they are performing appraisals in accordance with accepted industry standards.

Real Estate Developer, Real Estate Professional, and Real Estate Investment Analyst are related jobs you may like.

Frequent Interview Questions

What experience do you have in real estate appraisals?
How do you stay current with the real estate market and laws?
What techniques do you use to determine the value of a property?
How do you assess the condition of a property?
What challenges have you faced while appraising properties?
How do you handle complex appraisal assignments?
How do you ensure accuracy in your appraisals?
What software do you use to produce appraisals?
How would you handle a client who disagrees with an appraisal result?
What benefits can you bring to our organization as a real estate appraiser?

Common Tools in Industry

Appraisal Software. A software application used to streamline the appraisal process, from data entry to report generation. (eg: RealData Appraisal Software)
Geographic Information Systems (GIS). A computer system used to store, analyze, and display geographically referenced data. (eg: ArcGIS)
Analytical Tools. A variety of programs and databases used to analyze sales data, market trends, and other real estate information. (eg: PropertyShark)
Financial Calculators. Handheld or computer-based calculators used to calculate loan payments, amortization tables, and other related financial calculations. (eg: Mortgage Calculator Pro)
Digital Measurement Tools. Devices used to measure the dimensions of a property for appraisal purposes. (eg: Leica Disto Laser Measurement Device)

Professional Organizations to Know

Appraisal Institute
American Society of Appraisers
International Association of Assessing Officers
National Association of Realtors
American Real Estate and Urban Economics Association
National Association of Appraisers
American Institute of Real Estate Appraisers
American Association of Appraisal Administration
Appraisal Foundation
International Right of Way Association

Common Important Terms

Appraisal. A professional opinion of the value of a property at a given point in time.
Appraiser. A professional who is certified to provide appraisals or evaluations of real estate.
Market Value. The price a willing buyer would pay and a willing seller would accept for a property in the open market.
Comparable Sales. Properties that have recently sold in the area for which an appraisal is being conducted, used to estimate the value of the subject property.
Adjustments. Changes made to the comparable sales figures to account for differences between the subject property and the comparable sales.
Highest and Best Use. The most profitable use of a property that is physically possible, legally permissible, and financially feasible.
Feasibility Analysis. An analysis of whether or not a proposed development or other use of a property is economically viable.
Cost Approach. An appraisal method that considers the replacement cost of the improvements on the property, minus depreciation, plus the value of the land.
Income Capitalization Approach. An appraisal method based on the income potential of an investment property, used to estimate its value.
Valuation Report. A detailed report prepared by an appraiser which summarizes an appraisal or evaluation of a property's value.

Frequently Asked Questions

What is a Real Estate Appraiser?

A Real Estate Appraiser is a professional who evaluates the value of a property based on its size, location, condition and other factors.

What qualifications must a Real Estate Appraiser have?

A Real Estate Appraiser must hold a valid license and be certified by the state in which they practice. In addition, they may need to complete annual continuing education courses to remain current on industry standards and practices.

How is a Real Estate Appraisal conducted?

A Real Estate Appraisal is conducted using a variety of methods and includes an analysis of comparable properties, market trends, and an inspection of the subject property.

What is the purpose of a Real Estate Appraisal?

The purpose of a Real Estate Appraisal is to determine the current market value of a property, which is important for financial or legal purposes such as mortgages, investments, taxes and insurance.

How long does a Real Estate Appraisal take?

The time it takes to complete a Real Estate Appraisal can vary depending on the size, condition and location of the property, but an average appraisal typically takes 1-2 days.