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:

have a high school diploma or its equivalent
Complete the 75-hour minimum education requirements including a minimum of 15 hours of Uniform Standards of Professional Appraisal Practice (USPAP)
complete and file an application for licensure along with a $225 fee
Work under the supervision of a licensed appraiser.

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:

Certified Residential Real Estate Appraiser
Certified General Real Estate Appraiser

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:

obtaining land values from county sources and sales information about nearby properties to help establish property value
examining the income records and operating costs of income properties
estimating building replacement costs using building valuation manuals and professional cost estimators.
examining the type and location of nearby services such as shopping centers, schools, parks, and other neighborhood features in order to evaluate their impact on property values.
verifying legal descriptions of property with county records, measuring the property and comparing the measurements with the legal descriptions.
photographing interiors and exteriors of properties to help estimate property value, substantiate findings and complete appraisal reports
preparing written reports that estimate the property value, outline methods used in estimations and meet appraisal standards

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

Back to Illinois Real Estate Agent

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.