Becoming an appraiser in Az involves many steps. First, you must understand the value of what you are appraising and have a working knowledge of the marketplace. You also need to have a good understanding of real estate law and regulation, as well as an understanding of how to conduct an appraisal.
If you already have these skills, then the next step is to get certified as an appraiser. This can be done in Arizona by completing the required training with one of two organizations: The American Society of Appraisers or the Appraisal Institute. Both organizations offer certification programs that require a minimum number of hours of classroom instruction and field experience. Once you have completed your coursework, you can apply for certification with either organization by submitting an application fee and passing an exam on appraisal theory and practice (see links below). When you pass this exam, you will receive your new designation as Certified Residential Real Estate Appraiser (CRERA).
Becoming an appraiser in AZ may seem like a daunting task, but it’s not as complicated as you might think.
First, you’ll need to become licensed by the state of AZ. To do this, you must complete a course in appraisal theory and practice at one of the approved schools listed on the AZ government website. Then you must pass the state exam and send proof of your completion of the coursework along with your application to become licensed.
Once you’ve been licensed, you can start looking for jobs! The Arizona Association of Realtors offers information on employment opportunities through its website, which should help you find the perfect fit for your career goals.
How To Become An Appraiser In Az
As an Arizona licensed real estate appraiser trainee, you will be able to complete inspections and appraisal reports under the direct supervision of a certified appraiser. However, the amount of work you do depends on the amount your supervisory appraiser allows you to do. He or she may just give you the task of researching property data and filling out reports. Ideally, the supervisory appraiser is a mentor who works with you through the entire appraisal process, helping and guiding you and answering questions. Finding a mentor (especially a good mentor) and obtaining experience hours can be the most challenging part of becoming a real estate appraiser.
Real estate appraising is a diverse field. There are many different factors and scenarios you will encounter and each appraisal assignment is unique. After completing your first few appraisals, you will understand the purpose of field work under a supervisory appraiser and on the job training (which can take six months to two years, depending on your states minimum time requirements and how often you can do appraisal work). It requires specialized knowledge. Obtaining your trainee license demonstrates that you have the elementary knowledge necessary to begin your journey.
Basic Requirements: Must be 18 years or older and submit a completed application
Training Requirements: None
Education Requirements: 75 hours of qualifying education courses.
Courses can taken through a provider such as OnCourse Learning Real Estate, where Appraiser Career Center readers get an exclusive 15% discount! (Appraiser Career Centeris partnering with OnCourse Learning Real Estate to offer online real estate courses).Fee: $400.00
State Required Test: No
The 15 hour USPAP course cannot be taken on-line. For the trainee level, only one of the basic courses may be completed online.
Trainee Appraisers must also complete a course about the responsibilities of Supervisory Appraisers and Trainee Appraisers. The course must be completed by the Trainee Appraiser prior to obtaining a Trainee Appraiser credential from the individual credentialing jurisdiction. This Trainee Appraiser course does not count towards the 75 hours of qualifying education required.
Arizona Licensed Residential Appraiser
A licensed real estate appraiser is the first level of licensing for appraising real property without a supervisory appraiser. With this credential, you are able to appraise non-complex one to four family residential units having a transaction value less than one million dollars ($1,000,000), complex one to four family residential units having a transaction value less than two hundred fifty thousand dollars ($250,000) and other types of real property having a transaction value less than two hundred fifty thousand dollars ($250,000) . While most states have adopted this kind limitation for this credential, some states may vary.
As an Arizona licensed real estate appraiser you may find yourself working for an appraisal firm or for yourself as a fee based appraiser. Your clients may be local, such as individuals, lawyers, accountants and small banks, or national clients such as from large appraisal management companies (AMCs), national lenders or government sponsored enterprises (Fannie Mae). Keep in mind, however, that many larger lenders and financial institutions may enlist only certified appraisers to complete their appraisals. The exception is if a certified appraiser accompanies you on the inspection and signs as the supervisory appraiser on the report. Regardless, as a field appraiser, your day will be divided between property inspections and completing research online and at local court houses and/or assessor’s offices. For most purposes you will be completing appraisals for home purchases, refinancing, divorces, estates and portfolios.
Basic Requirements: Must be 18 years or older and submit a completed application
Training Requirements: 1,000 hours of experience in no fewer than 6 months
Education Requirements: No college-level education required. 150 hours of qualifying appraisal specific education (including the 75 hours from trainee) are required.
Courses can taken through a provider such as OnCourse Learning Real Estate, where Appraiser Career Center readers get an exclusive 15% discount! (Appraiser Career Centeris partnering with OnCourse Learning Real Estate to offer online real estate courses).Fee: $400.00
State Required Test: Yes
Only 75% of the required qualifying education hours can be taken on-line. The 15 hour USPAP course cannot be taken on-line. For the trainee level, only one of the basic courses may be completed online.
Arizona Certified Residential Appraiser
A certified real estate appraiser is the second level of Arizona state licensing for the appraisal of real property. It is one above from licensed and one under general certified (commercial). With this credential you are able to appraise all types of non-complex one-to-four family residential property without regard to the transaction value and other types of real property having a transaction value of less than $250,000 (two hundred fifty thousand dollars) (exact limitations may vary by state).
Just like as a licensed real estate appraiser, you may find yourself working for an appraisal firm or for yourself as a fee based appraiser. Your clients may be local, such as individuals, lawyers, accountants and small banks, or national, such as from large appraisal management companies (AMCs), national lenders or government sponsored enterprises.
As an Arizona state certified appraiser, you would meet the requirements of many larger lenders and financial institutions which enlist only certified appraisers to for their transactions. Likewise, as a field appraiser, your day will be divided between property inspections and completing research online and at local court houses and/or assessor’s offices. For most purposes, you will be completing appraisals for home purchases, refinancing, divorces, estates and portfolios.
As a state certified appraiser, you will also qualify for many in-house positions at large financial institutions and AMCs (generally as a review appraiser). Although years of experience is often desired, having the state certification meets one of the basic requirements set by many employers and makes you more qualified than if you only have your license. Check out job postings for real estate appraisers to get an idea of what positions are available, what they entail and their exact requirements and qualifications. Working an in-house position is one of the alternatives to field work and you also get to enjoy salary pay and health benefits.
Basic Requirements: Must be 18 years or older and submit a completed application
Training Requirements: 1,500 hours of experience in no fewer than 12 months
Education Requirements: A Bachelor’s degree or other accepted option from the following:
1) Bachelor’s Degree in any field of study
2) Associates Degree in a field of study related to: Business Administration, Accounting, Finance, Economics; or Real Estate
3) Successful completion of 30 semester hours of college-level courses that cover each of the following specified topics
4) Successful completion of at least 30 semester hours of College Level Examination Program® (CLEP®) examinations
5) Any combination of Option #3 and Option #4 that includes all of the topics specified in Option #3
6) No college-level education is required. This option applies only to appraisers who have held a Licensed Residential credential for a minimum of five (5) years and have no record of any adverse, final, and nonappealable disciplinary action affecting the Licensed Residential appraiser’s legal eligibility to engage in appraisal practice within the five (5) years immediately preceding the date of application for a Certified Residential credential.
200 hours of qualifying education courses are required.
Courses can taken through a provider such as OnCourse Learning Real Estate, where Appraiser Career Center readers get an exclusive 15% discount! (Appraiser Career Centeris partnering with OnCourse Learning Real Estate to offer online real estate courses).Fee: $400.00
State Required Test: Yes
Only 75% of the required qualifying education hours can be taken on-line. The 15 hour USPAP course cannot be taken on-line. For the trainee level, only one of the basic courses may be completed online.
After you obtain your state certification, you may desire to appraise commercial property. For this you will seek the certified general appraiser credential.
Arizona Certified General Appraiser
A certified general appraiser is the highest level of licensing. He or she is able to appraise all types of property – residential or commercial – with no value limit. Typically, these appraisers will spend the majority of their time appraising commercial properties. The type of appraisal could vary from a small, one-story office building valued at $250,000 to a high-rise apartment building with a value of $20,000,000.
The main differences between a certified appraiser and certified general appraiser are many additional hours of coursework and 1,500 of commercial appraising (non-residential) experience under a certified general appraiser and a bachelor’s degree. Commercial appraisals are much more complex and time consuming and require far more research. There is far less margin of error. The intended user of the appraisal may be basing a significant business decision on the outcome and an erroneous appraisal could result in a loss of millions of dollars. As a result, the requirements to become a certified general appraiser are more stringent.
As an Arizona certified general appraiser, you will typically work in a small to medium sized firm devoted to commercial work. You may but rarely will complete residential assignments. But if you do decide to complete residential appraisals you can (just like licensed or certified appraisers) do work for local and national clients devoted to residential transactions.
Basic Requirements:Must be 18 years or older and submit a completed application
Training Requirements: 3,000 hours of experience in no fewer than 18 months
Education Requirements: Must have a Bachelor’s degree or higher; 300 hours of qualifying education courses.
Courses can taken through a provider such as OnCourse Learning Real Estate, where Appraiser Career Center readers get an exclusive 15% discount! (Appraiser Career Centeris partnering with OnCourse Learning Real Estate to offer online real estate courses).
