Real Estate Appraisal Jobs: Career and Salary Facts

<p>Real estate appraisers estimate the value of land, as well as any buildings on the land in order for it to be sold, mortgaged, taxed, insured, or developed. Their duties may include inspecting and photographing properties, verifying descriptions in public records, and preparing written reports. They also compare with nearby and similar properties to set a value. Appraisers may choose to specialize in either commercial or residential real estate. The table below outlines the general requirements to become a real estate appraiser. </p> <p /> <table border="1"><tr><td>
<b>Degree Required</b>
</td><td>
Associate's degree; bachelor's degree required as of January 1, 2022</td></tr> <tr><td>
<b>Education Field of Study</b>
</td><td>
Business, real estate law, economics, finance</td></tr> <tr><td>
<b>Key Skills</b>
</td><td>
Analytical skills, communication, math, problem-solving</td></tr> <tr><td>
<b>Certification</b>
</td><td>
Required by state licensing boards</td></tr> <tr><td>
<b>Job Growth (2020-2030)</b>
</td><td>
4% <i>(for all appraisers and assessors of real estate)</i>*</td></tr> <tr><td>
<b>Median Salary (2021)</b>
</td><td>
$58,963 <i>(for residential real estate appraisers)</i>**<br />$73,752 (<i>for commercial residential appraisers</i>)**</td></tr> </table><p><i>Sources: *U.S. Bureau of Labor Statistics, **PayScale.com</i> </p> <h3 id="section---WhatResponsibilitiesDoRealEstateAppraisersHave">What Responsibilities Do Real Estate Appraisers Have?</h3> <p>As a real estate appraiser, you would evaluate real property, taking into consideration the architecture of the building and features of the property, such as the view. You would consider the condition of the building, including the roof, the foundation or renovations. Its location, including its proximity to major roads and highways, and surrounding property values would also impact your estimate of the property's value. For commercial appraisers, you may consider possible income return, such as that of a hotel. </p> <p>You would be responsible for taking pictures and completing a report explaining your calculations. Property owners interested in buying or selling a property, settling an estate or appealing government tax assessments may use your appraisal. Others who may want an appraisal include lenders evaluating a property as collateral against default, insurance companies concerned with proper coverage and lawyers dealing with property disputes, such as in a divorce. </p> <h3 id="section---WhatTypesAreAvailable">What Types Are Available?</h3> <p>Generally, there are residential and commercial appraisers. Federal law calls for appraisers to be state certified as a Licensed Residential Real Property Appraiser, a Certified Residential Real Property Appraiser or a Certified General Real Property Appraiser. Any real estate transaction that involves the federal government, such as a federal insurance program, must be appraised by someone with a certified designation. </p> <p>Licensed Residential Real Property Appraisers handle simple transactions valued up to $1 million for residential properties with 1-4 family units and all other residential properties valued up to $250,000. As a Certified Residential Real Property Appraiser, you could evaluate any residential properties with 1-4 family units regardless of monetary value or complexity. Any type of real property could be appraised as a Certified General Real Property Appraiser. </p> <h3 id="section---WhatAreTheRequirements">What Are the Requirements?</h3> <p>The requirements for becoming a certified or licensed real estate appraiser vary by state. Many real estate appraisers begin as an apprentice or trainee with a state certified appraiser. The Appraisal Foundation's Appraiser Qualifications Board (AQB) is one source that outlines the minimum federal requirements needed to qualify for each appraisal level (<i>www.appraisalinstitute.org</i>). </p> <p>While a degree isn't needed to become a Licensed Residential Real Property Appraiser, the AQB states that you would be required to participate in 150 hours of classroom training through a professional appraiser organization, such as the Appraisal Institute. This includes the 15 hours of national Uniform Standards of Professional Appraisal Practice (USPAP) course. At least 2,000 hours of work experience over one year is another requirement. </p> <p>According to the U.S. Bureau of Labor Statistics (BLS), Certified Residential Real Property Appraisers need an associate's degree or 21 credit hours in specific coursework (<i>www.bls.gov</i>). You would also need 200 hours of appraisal and USPAP education and 2,500 hours of work experience in less than two years. </p> <p>To become a Certified General Real Property Appraiser, you would be required to obtain a bachelor's degree or complete 30 semester credit hours of relevant course work. In addition to the 300 hours professional and USPAP training, 3,000 hours of experience in less than 30 months is needed. At least half of this experience must be in non-residential appraisal. </p> <h3 id="section---WhatIsTheCareerAndSalaryOutlook">What is the Career and Salary Outlook?</h3> <p>According to <i>PayScale.com</i>, in November 2021 the 10th to 90th salary percentile of residential real estate appraisers ranged from $36,000 to $101,000. The median income was $58,963. </p> <p>Data from the salary website also reported that commercial real estate appraisers roughly made between $44,000 and $115,000 (10th to 90th percentile) in October 2021. </p> <p>According to a 2020 report from the BLS, there were approximately 78,700 appraisers employed. The employment outlook for 2020 to 2030 was expected to be average, at a rate of 4%, as recessions tend to reduce the demand for real estate appraisers. </p> <h3 id="section---WhatAreSomeRelatedAlternativeCareers">What Are Some Related Alternative Careers?</h3> <p>Those interested in becoming a real estate appraiser may also want to research some related alternative careers which require a similar level of formal education. For instance, assessors are similar to appraisers but often work for local government and estimate values for entire neighborhoods instead of for individual properties. Real estate brokers or sale agents work with clients to help them sell or buy property. Construction and building inspectors assess construction plans and sites to make sure they meet zoning rules and local ordinances. Real estate brokers or sales agents and construction and building inspectors, only need a high school diploma to work in their respective fields.</p>