How to Become a Real Estate Appraiser in Minnesota

 

To become a real estate appraiser in Minnesota, you must first apply to be licensed as a Registered Real Property 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 Minnesota:

1) Real Estate Appraiser Licensing Requirements in Minnesota

2) Real Estate Appraiser Job Duties

3) Income Potential

4) Minnesota Real Estate Appraisal Schools

 

How to Become a Real Estate Appraiser in Minnesota

 

1) Real Estate Appraiser Licensing Requirements in Minnesota

In Minnesota, real estate appraisers MUST be licensed by the Minnesota Department of Commerce. 

 

To be licensed as a Registered Real Estate Appraiser, 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 Property Appraiser. There is a $200 license fee.

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

 

 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 1.5 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 Minnesota

The 2003 median salary of Real Estate Appraisers in Minnesota was approximately $62,900/year.

 

4) Real Estate Appraisal Schools in Minnesota

If you are interested in becoming a real estate appraiser in Minnesota, you will need to take classes that are approved by the Minnesota Department of Commerce.

School status may change so please call the Dept of Commerce at 651.296.6319 prior to signing up for classes.
 

 

Back to Kentucky Real Estate Agent