How to Become a Real Estate Appraiser in Massachusetts
To become a real estate appraiser in Massachusetts, you must first be licensed as a Trainee, gain experience and work your way up the appraisal licensing ladder.
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 especially that in the Boston MA area.
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 Massachusetts:
1) Real Estate Appraiser Licensing Requirements in Massachusetts
2) Real Estate Appraiser Job Duties
3) Income Potential
4) California Real Estate Appraisal Schools
How to Become a Real Estate Appraiser in Massachusetts
1) Real Estate Appraiser Licensing Requirements in Massachusetts
In Massachusetts, real estate appraisers MUST be licensed by the Massachusetts Board of Registration of Real Estate Appraisers.
To be licensed as a Trainee in MA, you must:
- Complete the required 45 hours of appraisal education
- Complete and submit application for Trainee License with an application and license fee (currently $113 and $170 respectively).
Once you have your Trainee License, you will be able to work under a licensed appraiser. Upon receiving a minimum of 2000 hours of appraisal experience in at least 2 years, you may apply to become a Licensed Residential Appraiser.
There are actually 4 levels of real estate appraiser licensing in Massachusetts:
- Trainee License
- Licensed Residential
- Certified Residential License
- Certified General License
| OREA License Levels | Education Requirements | Experience Requirements | Exam | Scope of Practice |
| Trainee | A minimum of 45 hours of approved appraisal education, with at least 15 hours on the Uniform Standards of Professional Appraisal Practice (USPAP). | None | None | Must work under the technical supervision of a licensed appraiser. May assist on any appraisal within the scope of practice of the supervising appraiser. |
| Licensed Residential | A minimum of 90 hours of required appraisal education , with 30 hours in residential and 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 complex 1-to-4 unit residential and all non-residential property for transaction values less than $1 million. |
| Certified Residential | A minimum of 120 hours of appraisal related education covering the specific topics required by AQB, 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 | A minimum of 180 hours of required appraisal education with 60 hours on non-residential properties and 15 hours on USPAP. | Minimum 3,000 hours of acceptable appraisal experience, of which at least 1,500 hours must be non-residential and over at least 30 months. | 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 Massachusetts
The median salary of Real Estate Appraisers in Massachusetts in 2003 was approximately $58,100/year.
Salaries can range from $30,000/year for entry-level positions to over $90,000 for those with experience.
4) Real Estate Appraisal Schools in Massachusetts
If you are interested in becoming a real estate appraiser in Massachusetts, you will need to take classes that meet standards set by the Massachusetts Board of Registration of Real Estate Appraisers.
School status may change so please call the Board at 617.727.3074 prior to signing up for classes.
Real Estate Appraisal Schools in MA
Alstate Home Inspections 1-802-728-4015 American Real Estate Academy (617) 893-2832 American Society of Appraisers (703) 733-2123 American Society of Farm Managers and Rural Appraisers (303) 758-3513 Appraisal Institute 303-758-3513X23 Appraisal Institute of Rhode Island (401) 433-6985 Appraisal Institute Western Mass Chapter (413) 786-8651 Appraisal Standards Board (202) 347-7722 Berkshire Community College (413) 499-4660 Boston University (617) 353-4497 Brooks Real Estate Services 1-603-666-4565 CLE International 1-303-377-6600 Commercial Investment Real Estate Institute (312) 321-4460 Counselors of Real Estate (312) 329-8430 Day One, Inc 1 800-204-3319 Dearborn Real Estate Education 1-312-894-0378 Employee Relocation Council (202) 857-0144 Federal Deposit Insurance Corporation (781) 794-5500 Foundation of Real Estate Appraisers (714) 935-0189 Future Value LLC 1-303-758-3513 x22 International Association of Assessing Officers (312) 819-6136 International Right of Way (310) 538-0233 JMB Real Estate Academy, Inc (978) 454-7314 JVI 1-407-774-3344 Lee Institute, Inc. (617) 734-3211 Lincoln Institute of Land Policy (617) 661-3016 Marshall and Swift Massachusetts Association of Assessing Officers (508) 295-0963 Massachusetts Board of Real Estate Appraisers (781) 329-1996 Massachusetts Chapter of the Appraisal Institute 781-397-8922 McKissock Incorporated dba McKissock Appraisal School 1-800-328-2008 x219 Mount Wachusett Community College 508-632-6600 National Association of Independent Fee Appraisers (314) 781-6688 National Association of Realtors (312) 329-8200 National Association of Reivew Appraisers and Mortgage Underwriters (602) 998-3000 New England Real Estate Institute, Inc. (401) 278-3401 Prosource Educational Services (651) 641-1000 Rhode Island Association of Realtors (401) 785-9380 x233 Rhode Island Chapter of the Appraisal Institute 1-401-433-6985 The Beckman Company (206) 271-2402 U.S. Department of Transportation/Federal Highway Administration (617) 494-2162 Valuation Administrators, a Service of Fidelity Residential Solutions (508) 482-5551 Van Education Limited Liability Company (dba: Van Education Center) (800) 455-8348 World Savings (210) 543-4658 World Savings and Loan Association (210) 543-4658
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