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:

Complete 90 hours of minimum education requirements including a minimum of 15 hours of Uniform Standards of Professional Appraisal Practice (USPAP)
complete and file a notarized application for licensure. There is a $100 application fee and $110 licensure fee.
Work under the supervision of a licensed appraiser.

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:

Licensed Appraiser
Certified Residential Appraiser
Certified General Appraiser

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:

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 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

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

Back to Indiana Real Estate Agent

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.