The Education of an Appraiser

We’ve blogged about many different aspects of real estate appraisal, but where does it all begin? What does it take to become a real estate appraiser? And, what should you look for before engaging an appraiser? It can be somewhat confusing, so here is a brief overview of the education of an appraiser.

To become a real estate appraiser in Massachusetts, the first step is getting a trainee license. A trainee license is awarded after the successful completion of 75 hours of appraisal-specific education. This consists of three classes – Basic Appraisal Principles (30 hours), Basic Appraisal Procedures (30 hours), and National Uniform Standards of Professional Appraisal Practice (15 hours). Trainees must attend all of the classes and pass a written exam to receive credit.

After obtaining the license, the trainee needs to find an appraiser to be his or her mentor. This appraiser will teach the trainee the tricks of the trade and help with experience hours that need to be completed. The supervising appraiser signs off on all of the trainee’s work.

Many trainees get jobs at real estate appraisers’ offices, and others choose to pursue trainee positions at banks. Banks hire trainee appraisers who have obtained their trainee licenses directly, and the trainee gets an education and paid at the same time.

Once the required hours are completed, the trainee submits an application to the Massachusetts Board of Registration of Real Estate Appraisers. He or she then takes the real estate appraiser exam, a multiple answer test that covers the full spectrum of knowledge and skill set for a real estate appraiser.

Upon successfully passing the exam, the trainee receives his or her certification and is a licensed Massachusetts real estate appraiser. Different states have different requirements and certifications, and it’s possible for a real estate appraisal company, like Present Value, to be licensed in multiple states.

By: Present Value

Tags: appraiser, certification, education
Posted in Real Estate Appraisal | 1 Comment »

What Exactly Are You Doing, Appraiser?

We’ve delved into quite a few topics with regard to real estate appraisal on this blog, so it’s remarkable we’ve never touched on one specific subject – what does a real estate appraiser actually do?

Now the obvious answer is that he or she appraises real estate. But what’s the process? What criteria do they use? Do they count mudrooms as part of the total living space? And what’s the pencil and sketch pad for?

Well, first things first. A real estate appraiser is given a specific property to appraise. The appraiser goes to the property and inspects the site. What condition is the exterior in? How much of a yard is in front and in back? How close is the property to the adjoining property? How far back from the curb is it? It goes without saying that the appraiser takes copious notes.

Once the initial exterior inspection is done, the appraiser takes pictures of the property from various angles. Then the interior inspection begins. Sometimes the appraisal is in an owner-occupied property, sometimes not. Sometimes the appraiser is followed from room to room by an anxious seller pointing out improvements they’ve made, and sometimes they’re pounced on by overexcited pets. An appraiser I know told me of an encounter he had with a ghost. You never know.

But hazards aside, the appraiser inspects each room carefully and makes a sketch of the property’s basic design. Some appraisers take a lot of measurements and add them to the sketch. They also inspect the attic and basement, if the property has either. And if necessary, they’ll take photos of the interior as well.

An inspection can be a quick process or can take several hours, depending on the size and attributes of the property. Once the appraisal is finished, the appraiser writes up a report about the inspection, comes up with a value, and submits it.

And that’s why that unfamiliar man or woman is walking around your house and taking notes about the wainscoting.

By: Present Value

Tags: appraiser
Posted in Real Estate Appraisal | No Comments »