Appraisers and assessors of real estate essential career information:
- 2011 median pay: $48,870
- 2011, number of jobs: 60,930
- Employment growth forecast, 2010-2020: 7 percent
- Entry-level education requirements: High school diploma or equivalent
Appraisers and assessors of real estate; what they do:
Nobody wants to get ripped off when purchasing a property; real estate appraisers and real estate assessors conduct research on properties and estimate their value prior to a sale, mortgage, tax, insurance, or development.
Real estate appraisers focus on one property at a time and usually specialize in either commercial or residential properties. Commercial appraisers concentrate on commercially used property, such as office buildings, stores, and hotels. Residential appraisers concentrate on places people live, such as houses, duplexes, and condominiums.
A real estate appraiser career includes determining the value of a property after visiting the home and considering comparable home sales, lease records, location, view, previous appraisals, and income potential.
Real estate assessors, generally employed by local governments, determine the value of properties for property tax assessment purposes. Real estate assessors often focus on groups of properties, such as a neighborhood, all at once, using mass appraisal techniques.
Real estate assessors must be meticulous in their calculations and up-to-date on tax assessment procedures, in order to defend their assessment if challenged.
Appraisers and assessors of real estate job titles:
- Real Estate Appraiser
- Certified Real Estate Appraiser
- Staff Appraiser
- Engagement Director
- Residential Real Estate Appraiser
- Commercial Real Estate Appraiser
- Real Property Appraiser
- Residential Fee Appraiser
Appraisers and Assessors of Real Estate Education, Certification and License Requirements
Education and certification requirement for real estate appraisers and real estate assessors vary greatly. It’s possible to begin a real estate appraiser career or a real estate assessor career with a high school diploma, but most employers require additional basic appraisal courses, on-the-job training through an apprenticeship, and enough work hours to meet requirements for appraisal licenses or certificates. However, most real estate appraisers for residential properties have at least an associate’s degree, while most real estate appraisers for commercial properties have at least a bachelor’s degree.
Appraisers and assessors of real estate programs cover subjects such as:
- Computer Science
- Business or Real Estate Law
Real estate appraisers and real estate assessors must have a license, but requirements for licensure vary for each state. In the few states that do not have statewide requirements, each locality sets its own requirements.
Most real estate appraisers are required by Federal law to have a state certification. Real estate appraisers and real estate assessors generally take the same courses and tests for certification. The two federally required certifications are the Certified Residential Real Property Appraiser and the Certified Residential General Property Appraiser. A third certification, offered by most states, is the Licensed Residential Real Property Appraiser.
Real estate assessors do not have Federal requirements for certification. However, the states requiring certification of assessors generally have similar requirements of real estate appraisers.
Real estate appraisers and real estate assessors must take continuing education courses to maintain their license.
Appraisers and Assessors of Real Estate Job Outlook
Forecast: Seven percent employment growth from 2010 to 2020 for real estate appraisers and real estate assessors, slower than the average for all occupations.
Real estate appraisers depend on the real estate market to encourage their positive job outlook in the short term; when the real estate market is down, so is employment for real estate appraisers. Long-term job outlook for real estate appraisers depends on population growth and economic expansion.
Real estate appraisers able to switch specialties and appraise more than just residential properties will find more work overall, as they can switch focus when residential real estate is slow or stagnant.
Appraisers and Assessors of Real Estate Salary
- 2011 median annual wage: $48,870
- 2011, workers at the 75th percentile annual wage: $68,780
- 2011, workers at the 25% percentile annual wage: $34,740
- Activities related to real estate
- Local government
- State government
- Nondepository credit intermediation
- Depository credit intermediation