Frequently asked questions
Q. Do I have to start my appraising career at the Registered level?
A. Yes because all other classifications require a minimum of appraisal experience before you can take the state exam for upgrade. You must obtain at least 2,000 hours experience in no less than 12 months working under the direct supervision of a Certified Residential or Certified General appraiser.
However, you can skip a classification level if you have the qualifications and experience. For example, many Registered appraisers have become Certified General without ever being licensed or certified residential.
Q. What if I want only to become Registered and not upgrade?
A. You can, but you will have to work with a higher classification appraiser to perform work for banks and mortgage companies. Only appraisals under the supervision of a certified appraiser will earn experience for upgrading to license or certified.
We have known many registered appraisers who work with small firms and never upgrade. You potential income may be severely limited. Of course, this depends upon the relationship you may have with the supervisor.
Q. Real Estate Sales licenses are good for four years. What is the renewal period for appraisers classifications?
A. Only one year. Your classification must be renewed on the last day of your birth month. In your first year, you may be able to renew without additional continuing education classes.
Q. What continuing education classes are needed to renew?
A. All appraisers must take a minimum of 14 hours CE per year to renew. Every two years, at least 7 of these must be a USPAP update course.
Q. What is the difference in the CE for renewal vs upgrading?
A. Beginning in Jan, 2008, the Appraisal Qualification Board (AQB) specified certain core courses that are necessary to upgrade. These are 15 hours courses that require a passing grade of 75 at the end of the course.
Q. How much CE do I need to upgrade to License from Registered?
A. A total of 150 hours is now required before you can qualify for the License exam. However, you will already have 90 hours so you will need only 60 hours more. This could be four additional 15 hour classes during the time you will be gaining your 2,000 appraisal experience.
Q. How much CE do I need to upgrade to Certified Residential from Registered?
A. Certified Residential requires 200 hours CE which includes 90 hours obtained while registered. (or the 150 hours you got for license)
Q. Where can I find these core courses?
A. Glad you asked! All of the core courses are being offered by The Daystar Academy and will be offered several times during your appraisal experience.
Q. I understand that I will need a Certified supervising appraiser to certify my experience?
A. Honestly, this is the reason registered appraisers do not continue in appraising. You can perform some appraisal activities without out a supervisor, but these are really limited. For example, a Real Estate Agent may want to be registered to support their listings. This activity must be approached with care not to violate USPAP, but it can be done.
Q. How should I go about finding a supervisor?
A. The best bet is that you may already have a friend or relative who is a certified appraiser. Your bank or loan officer may introduce you to an appraiser that does works for them.
Our course will cover in detail methods to locate and approach qualified supervisors.
Q. Can I make money as a registered appraiser?
A. Yes you can, but you aren't going to get rich. State law requires your supervisor be with you for at least 20 appraisals to make sure that you are qualified to inspect and document a property. I would not expect to get income for the first twenty appraisals, however, some supervisors may have different policies.
Once you've achieved more experience and can take an appraisal assignment to completion with minimal assistance, you may be able to earn 30% to 60% of the appraisal fee.
Q. How much income can I expect from appraising?
A. Ok, let's assume that you have become licensed and can accept assignments directly from a lender. With only two or three clients, you could complete 3 to 4 appraisals per week. The average appraisal yields approximately $300 each. Therefore, you can earn from $900 to $1,200 per week on an average. Note: an experienced appraiser should complete an appraisal in about 8 to 10 hours.
If you achieve Certified status, you can supervise up to 3 registered appraisers (the limit by state statue) and receive income from their efforts also.
The bottom line: If you really want to be an appraiser and willing to work for it, there will be a supervisor to help you get there. Just keep your eyes focused on the future when you will be come an independent fee appraiser. IT CAN AND WILL HAPPEN.
Q. With the housing market in the slump, why would I want to enter this field?
A. Good question! However, this market slump should last about a year or two. This is just about the time that it will take you to continue your education and achieve License or Certified classification.
The housing market will come back; it always has. We've got to work through the high inventories created by the overbuilding and foreclosures. The demand for appraisals is low compared to the past two years. But appraisals will be needed as this market digs out.
Q. Got more questions? Email us at Info@TheDaystarAcademy.Com and we will add them to this page. Or give us a phone call - 678 552-9375.