How to Become a Real Estate Appraiser in Indiana

 

To become a real estate appraiser in Indiana, you must first apply to be licensed as a Real Estate Appraiser Trainee.

 

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 Oklahoma:

1) Real Estate Appraiser Licensing Requirements in Indiana

2) Real Estate Appraiser Job Duties

3) Income Potential

4) Indiana Real Estate Appraisal Schools

 

How to Become a Real Estate Appraiser in Indiana

 

1) Real Estate Appraiser Licensing Requirements in Indiana

In Indiana, real estate appraisers MUST be licensed by the Indiana Professional Licensing Agency. 

 

To be licensed as a Real Estate Appraiser Trainee, you must:

 

After receiving a minimum of 2000 hours of appraisal experience in no less than 2 years,  a Real Estate Appraiser Trainee may apply to become a Licensed Appraiser.

There are 3 levels of real estate appraiser licensing in Indiana:

 

 License Levels Education Requirements Experience Requirements Exam Scope of Practice
 Licensed  Appraiser 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 Residential Appraiser A minimum of 135 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 Indiana

According to the Indiana Department of Workforce Development, the 2003 median salary of Real Estate Appraisers in Indiana was approximately $27,400/year.

Salaries ranged from $12,000/year to over $49,000/year.

4) Real Estate Appraisal Schools in Indiana

If you are interested in becoming a real estate appraiser in Indiana, you will need to take classes that are approved by the Indiana Professional Licensing Agency.

Please call the Board at (317) 234-3009 prior to signing up for classes.
 

Name of Provider

Real Estate Appraisal Schools for Indiana

Ph

Access Education, Inc.

Indianapolis, IN

(317) 581-0400

 

A-Pass-Weikel Institute/Educational Training Systems, Inc.

Louisville, KY

(502) 429-8822

 

Appraisal Institute

Chicago, IL

(312)355-4100

 

Appraisal Institute Hoosier State Chapter

Indianapolis, IN

(317) 815-1340

 

Education REsource, LLC

Indianapolis, IN

(888) 624-4662

 

Greater Louisville Indiana Association of Realtors

Louisville, KY

(502) 894-9860

 

Heaton Appraisal School

Linton, IN

(812) 847-4730

 

Indiana Appraisal School

Hoagland, IN

(260) 639-0098

 

Indiana University-Purdue University-Indianapolis (IUPUI) Division of Continuing Studies

Indianapolis, IN

(317) 274-4501

  

Ivy Tech State College - Sellersburg

Sellersburg, IN

(800) 321-9021

 

Ivy Tech State College - Central Indiana

Indianapolis, IN

(317) 921-4772

 

Lincoln Graduate Center

San Antonio, TX

(800) 531-5333

 

National Association of Independent Fee Appraisers

St. Louis, MO

(314) 781-6688

  

Real Estate Certification Program (RECP)

Bloomington, IN

(800) 742-4067

 

Real Estate Education Group

Merrillville, IN

(219) 663-2689

 

 

 

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