How to Become a Real Estate Appraiser in Maryland
To become a real estate appraiser in Maryland, you must first apply for a license 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 Maryland:
1) Real Estate Appraiser Licensing Requirements in Maryland
2) Real Estate Appraiser Job Duties
3) Income Potential
4) Maryland Real Estate Appraisal Schools
How to Become a Real Estate Appraiser in Maryland
1) Real Estate Appraiser Licensing Requirements in Maryland
In Maryland, real estate appraisers MUST be licensed by the Maryland Department of Labor, Licensing and Regulation.
To become a licensed Real Estate Appraiser Trainee, you must:
- Complete the 75-hour minimum education requirements including a minimum of 15 hours of Uniform Standards of Professional Appraisal Practice (USPAP)
- File a completed Trainee license application with a $75 application.
An Appraiser Trainee must work under the supervision of a licensed or certified appraiser.
After receiving a minimum of 2000 hours of appraisal experience in no less than 2 years, a Trainee may apply to become a Licensed Real Estate Appraiser. There is a $150 license fee.
There are 3 levels of real estate appraiser licensing in Maryland:
- Licensed Real Estate Appraiser
- Certified Residential Real Estate Appraiser
- Certified General Real Estate Appraiser
| License Levels | Education Requirements | Experience Requirements | Exam | Scope of Practice |
| Licensed Real Estate 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 Real Estate 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 Real Estate Appraiser | A minimum of 180 hours of approved appraisal education and 15 hours on USPAP. | Minimum 3,600 hours of acceptable appraisal experience, over at least 3 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 Maryland
According to the , the 2004 average hourly salary of Real Estate Appraisers in Maryland was approximately $44,575/year.
4) Real Estate Appraisal Schools in Maryland
If you are interested in becoming a real estate appraiser in Maryland, you will need to take classes that are approved by the Maryland Department of Labor, Licensing and Regulation.
All of the community colleges in the State of Maryland are
approved to offer real estate appraising education. If you've any
questions, you can call (410) 230-6165 prior to
signing up for classes.
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