Professional appraisers provide thorough reports and an overall estimate of the market value of your home. They are typically hired by a buyer's mortgage lender before the closing of a home purchase. Certified residential appraiser and licensed appraiser are two of four common classifications of professional appraisers established by the Appraiser Qualifications Board.
Licensed Appraiser Education
The AQB establishes minimum educational requirements for each classification of appraiser. The licensed appraiser classification involves 150 hours of coursework, according to The Appraisal Institute. Classes in basic appraisal principals and procedures, professional standards, various valuation methods, and report writing are among the courses commonly included in the program. You can complete these requirements through certification programs in your state or earn an associate degree or bachelor's degree that includes the required courses.
Licensed Appraiser Work
The licensed appraiser classification is essentially the lowest level of professional appraisal accreditation you can get without needing to have your work supervised by someone else. With a license, you can typically perform appraisal work on one- to four-unit residential structures with a value below $1,000,000, according to The Appraisal Institute. You can work on other types of buildings with more complex structures, but the contract price on those homes cannot exceed $250,000.
Certified Residential Appraiser Education
A certified residential appraiser must complete 210 hours of coursework to achieve this designation. Along with completing the required classes for the licensed appraiser designation, he must complete courses in real estate finances and statistics, residential applications and case studies, and advanced report writing.
Certified Residential Appraiser Work
There are two types of certified classifications based on the AQB minimum standards. The residential certified is more narrow than the certified general appraiser, who can appraise all types of real property, including commercial. The main advantage of a certified residential appraisal over the licensed appraiser is the ability to appraise all one- to four-unit residential properties no matter how complex the structure and how expensive the transaction price. This is a significant benefit to certified appraisers in markets with much higher home prices.
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