Property Appraiser: Job Description, Duties and Requirements
A property appraiser estimates the value of a property for tax, sales, financing, development and insurance purposes. An appraiser may work for the government, a business or be self-employed. To be an appraiser a person must meet guidelines set by the Appraisal Qualifications Board and their state government.
Property Appraiser Job Description
A property appraiser helps to establish the value of a property through examination and research. An appraiser may concentrate on a specific area of real estate, such as commercial or residential. Concentration areas may also be more specific, such as hotels, restaurants or condominiums. An appraiser may specialize in appraisals for a specific purpose, such as taxes or new construction.
According to the U.S. Bureau of Labor Statistics (BLS), there were 83,700 appraisers and assessors of real estate in 2013, not including self-employed appraisers and assessors. The BLS projected that these workers would see a job growth of six percent for the period of 2012 to 2022. Additionally, the BLS reported that the median annual salary for appraisers and assessors in 2013 was $51,030.
Property Appraiser Duties
The main job duty of a property appraiser is to create a detailed report about the property that specifies the property's value and the reasons why that value was given. The appraisal process involves looking over the property and gathering specific information that will affect the value, such as special architectural features, environmental factors and the condition of the structure. During the course of completing the appraisal a property appraiser may also:
- Take photographs
- Research information on a laptop or mobile device
- Take notes
- Prepare reports
Property Appraiser Requirements
The Appraisal Qualification Board (AQB) sets the minimum standards for education, experience and licensing for property appraisers. The AQB is part of The Appraisal Foundation and is given authority over appraiser qualifications under the Financial Institutions Reform, Recovery and Enforcement Act of 1989. The guidelines set by the AQB are minimum standards only and some states require more than the minimum criteria. Property appraisers must meet state minimum requirements to be licensed or certified.
A property appraiser can be a licensed residential, certified residential or certified general appraiser. According to the AQB guidelines for a licensed residential appraiser the requirements are 150 education hours and 2,000 hours of experience in a 12-month period (www.appraisalinstitute.org). The requirements for a certified residential appraiser are 200 hours of education and 2,500 hours of experience in 24 months. The requirements for a certified general appraiser are 300 hours of education and 3,000 hours of experience in 30 months.
Property appraisers must be licensed or certified according to state law. Licensing or certification at the state level requires that specific education and work experience criteria be met. The appraiser must also take and pass the state exam. To maintain any license or certification an appraiser must meet continuing education requirement.
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