How to Become a Real Estate Appraiser in Kentucky

 

To become a real estate appraiser in Kentucky, you must first apply to be an Associate and work under the supervision of a licensed or certified appraiser.

 

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 Kentucky:

1) Real Estate Appraiser Licensing Requirements in Kentucky

2) Real Estate Appraiser Job Duties

3) Income Potential

4) Kentucky Real Estate Appraisal Schools

 

How to Become a Real Estate Appraiser in Kentucky

 

1) Real Estate Appraiser Licensing Requirements in Kentucky

In Kentucky, real estate appraisers MUST be licensed by the Kentucky Real Estate Appraisers Board. 

 

To become an Appraiser Associate, you must:

 

After receiving a minimum of 2000 hours of appraisal experience in no less than 2 years,  an Associate may apply to become a Licensed Real Estate Appraiser. There is a $200 license fee.

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

 

 License Levels Education Requirements Experience Requirements Exam Scope of Practice
 Licensed Real Property 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 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 Kentucky

According to the Kentucky Department of Employment Services, the 2005 median salary of Real Estate Appraisers in Kentucky was approximately $62,842/year.

Salaries range from under $40,000/year to over $100,000 per year.

4) Real Estate Appraisal Schools in Kentucky

If you are interested in becoming a real estate appraiser in Kentucky, you will need to take classes that are approved by the Kentucky Real Estate Appraisers Board.

School status may change so please call 859.543.8943 prior to signing up for classes.
 

Real Estate Appraisal Schools approved by the Kentucky Real Estate Appraisers Board:

 

A Pass Weikel
(502) 429-8822

American Society of Farm Managers & Rural Appr.
Kentucky Chapter

(859) 252-4717

Appraisal Educators, Inc.
(812) 925-6421

Appraisal Institute
(312) 335-4100

Appraisal Institute-Bluegrass Chapter
(502) 568-6894

Big Sandy Community & Technical College
(606) 789-5321

Cox Educational Services
(270) 926-8353

Delta Realty Researchers
(859) 737-3133

Dennis Badger & Associates
(859) 252-3445

Education Resource, LLC
(317) 816-9436

Greater Louisville Association of Realtors
(502) 894-9860

Home Builders Association of Louisville
(502) 429-6000

ICAN, LLC
(859) 781-6050

International Right of Way Assoc.,Chptr. 25
(502) 339-1807

Jefferson Community College
(502) 213-2380

JVI
(407) 774-3344

Lexington Community College
(859) 257-4872

Lincoln Graduate Center
(800) 531-5333

McKissock Appraisal School
(814) 723-6979

Morehead State University
(606) 783-5155

National Association of Independent Fee Appr.
(314) 781-6688

Northern Kentucky Real Estate School
(859) 371-1277

Prestonsburg Community College
(606) 789-5321

Redd, Brown & Williams Real Estate Services
(606) 789-8119

U.S. Department of HUD, Louisville Multifamily Program Center
(502) 582-6163 Ext. 291

West Kentucky Community & Technical College
(270) 534-3112

Wilson Education Group
(859) 734-3174

World Savings
(210) 543-5464

 

 

 

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