What is a Certified Residential Appraiser?
The requirements for becoming a Certified Appraiser have become much more strict since the market crash in 2008. With the implementation of the Dodd-Frank act by the Federal Government in direct response to the Real Estate crash, the restrictions and requirements placed on real estate appraisers are much tighter.
Certified Residential Appraiser
There are several steps to becoming a Certified Residential Appraiser. First, an applicant must complete a 103 hours of pre-licensure coursework approved by the state where they are seeking registration. This coursework covers basic appraisal practices, procedures, regulation, laws, and processes. It consists of several different modules that may differ from state to state depending on each state’s specific requirements. At the end of each module there is a comprehension test that must be passed before moving on to the next module. This helps ensure competency.
The next step in the process of becoming certified is to register with the state. This process again can vary from state to state, but usually requires a background check and some sort of registration / licensure fee. Once the applicant is approved, the applicant then becomes a Registered Trainee Appraiser, and receives their own state issued license number.
A Registered Trainee Appraiser is required to complete 2500 hours of qualifying experience as a registered trainee before one is qualified to become certified. These hours must be completed under the direct supervision of a supervisory appraiser, which the trainee designates at the time of application or at any time during the experience hour requirements. Additional coursework hours totaling 100 more hours must be completed, and an extensive state examination must be taken and passed by the applicant before Certified Residential Appraiser status can be granted.
More specific information about the process and requirements for becoming a certified appraiser can be found at the Department of Professional Regulation in your state.
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