How to Become a Real Estate Appraiser in District of Columbia

 

To become a real estate appraiser in District of Columbia, you must first obtain 2000 hours of experience, take and pass an exam and then apply for the Licensed Residential license.

 

Real estate appraisers inspect and take measurements of real property (land, homes, apartments, office buildings, etc.) in order to arrive at an accurate value of the property.

In any real estate transaction that needs a loan, a real estate appraisal will be required by the bank or lender. This includes purchase as well as refinancing transactions.

Consequently, there are many career opportunities for real estate appraisers in active real estate markets.

Real estate appraisers can be self-employed and work for themselves or they can work for mortgage firms, banks, lenders and government agencies.

 

Here's what you need to know to become a real estate appraiser in District of Columbia:

1) Real Estate Appraiser Licensing Requirements in District of Columbia

2) Real Estate Appraiser Job Duties

3) Income Potential

4) District of Columbia Real Estate Appraisal Schools

 

How to Become a Real Estate Appraiser in District of Columbia

 

1) Real Estate Appraiser Licensing Requirements in District of Columbia

In District of Columbia, real estate appraisers MUST be licensed by the District of Columbia Board of Appraisers. 

 

To be licensed as a Licensed Residential Appraiser, you must:

 

There are only 2 levels of real estate appraiser licensing in District of Columbia:

 

 License Levels Education Requirements Experience Requirements Exam Scope of Practice
 Licensed  Residential A minimum of 90 hours of required appraisal  education , including 15 hours on USPAP. Minimum 2,000 hours of acceptable appraisal experience over at least 2 years. Must pass the AQB approved residential examination. May appraise non-complex 1-to-4 unit residential property up to a transaction value of $1 million, and commercial properties up to $250,000.
Certified General  Appraiser A minimum of 180 hours of approved appraisal  education  and 15 hours on USPAP. Minimum 3,000 hours of acceptable appraisal experience, over at least 2.5  years. Must pass the AQB approved certified general examination. May appraise all types of real estate.



 

NOTE: Education, Experience, Testing, and Continuing Education are subject to change based upon criteria established by the Appraiser Qualifications Board (AQB) of The Appraisal Foundation

 

 

2) Duties of Real Estate Appraisers

A real estate appraiser's job is to estimate the value of real property. Real property consists of land, buildings, and even natural resources such as water, oil, or minerals.

The estimate of value is known as an appraisal. A real estate appraisal is made when real property is bought, sold, assessed, taxed, condemned, insured, or mortgaged.

A real estate appraiser's job duties also include:

 

 

3) Income Potential in District of Columbia

According to the District of Columbia Department of Employment Services, the 2003 median salary of Real Estate Appraisers in District of Columbia was approximately $65,900/year.

Salaries ranged from under $29,000/year to over $90,000/year.

 

4) Real Estate Appraisal Schools in District of Columbia

If you are interested in becoming a real estate appraiser in District of Columbia, you will need to take classes that are approved by the District of Columbia Board of Appraisers.

Please call the Board at 888.204.6206 prior to signing up for classes.
 

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