How to Become a Real Estate Appraiser in Illinois

 

To become a real estate appraiser in Illinois, you must initially apply for a Associate Real Estate Appraiser 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 Illinois:

1) Real Estate Appraiser Licensing Requirements in Illinois

2) Real Estate Appraiser Job Duties

3) Income Potential

4) Illinois Real Estate Appraisal Schools

 

How to Become a Real Estate Appraiser in Illinois

 

1) Real Estate Appraiser Licensing Requirements in Illinois

In Illinois, real estate appraisers MUST be licensed by the Illinois Division of Banks and Real Estate.

To become an Associate Real Estate Appraiser, you must:

 

After receiving a minimum of 2500 hours of appraisal experience in no less than 2 years,  you may apply to become a Certified Residential Real Estate Appraiser. There is a $300 license fee.

There are 2 levels of real estate appraiser licensing in Illinois:

 

 

 License Levels Education Requirements Experience Requirements Exam Scope of Practice
Certified Residential Appraiser A minimum of 120 hours of approved appraisal  education, with at least 15 hours on USPAP. Minimum 2,500 hours of acceptable appraisal experience over at least 2 years. Must pass the AQB approved certified residential examination. May appraise all 1-to-4 unit residential property.
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 Illinois

According to the Illinois Department of Employment Security, the 2005 median salary of Real Estate Appraisers in Illinois was approximately $42,987/year.

Salaries ranged from entry-level of $25,320/year to experienced level of $60,626/year.

4) Real Estate Appraisal Schools in Illinois

If you are interested in becoming a real estate appraiser in Illinois, you will need to take classes that are approved by the Illinois Division of Banks and Real Estate.

School status may change so please call 312-793-3000 prior to signing up for classes.
 

Real Estate Appraisal Schools in Illinois:

 

American Institute of Appraisal

877.275.5253

 

Appraisal Institute

312.335.4100

 

College of Dupage

630.858.2800 x 3358

 

Elgin Community College

847.697.1000

 

Goal Training Inc

847.568.1560

 

International Association of Assessing Officers

312.819.6100

 

National Association of Independent Fee Appraisers

312.321.6830

 

Oakton Community College

847.635.1423

 

 

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