Real estate appraisal is simply an alternative phrase for property valuation. It is the process of framing an opinion on the value of a real property. Real Estate Appraisal plays a major role even today because it is not possible to have a set of pre determined values as for as properties are concerned. Every property is unique, and valuation rules differ from one another. Now the term real estate appraiser is not alien anymore. Real estate appraisal is the act and person who performs it is the real estate appraiser. But it’s not over. There is one more term you have got to learn, and that’s the Appraisal Foundation
There is something called The Appraisal Foundation, forget what they are doing, not many of us know that they even exist. They are private not for profit organizations. This foundation has under its roof three other boards, namely the Appraisal Practices Board, Appraiser Practices Board Appraisal Standards Board. However, these boards function independently and do not influence each other. The foundation gets funds from federal grants, by offering services and from potential sponsoring organizations. Every qualified appraiser is a part of this foundation, or in other words, you become a licensed appraiser only when you are taken in as a member, by the Foundation.
It is not pretty hard to conceive the steps to become a licensed appraiser after going through the points mentioned above. However, let’s get things done without room for any ambiguous assumptions. The following are the steps involved:
Find out the list of classes that you must attend and the schools that provide them. In few states, it is possible to get yourself trained even before getting a license, check in which category your states falls into.
Obtain a trainee license for yourself. Once you are done with the training part, that doesn’t usually end without passing few tests, you will be getting your trainee license.
Find an experienced appraiser who can be your mentor. An experienced person will help you understand the nuances of the real estate business which otherwise you might not know. Look for someone in the known circle. Probably the person will educate you better
Though you have a mentor who can educate you, a working experience can help you stay more updated, and your knowledge gets better. There is nothing nicer than putting your knowledge to test in an actual work environment.