How to Become a Real Estate Appraiser in New Jersey

To get started as a real estate appraiser in New Jersey, you must first satisfy all the requirements and apply for the Apprentice program.

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 New Jersey:

1) Real Estate Appraiser Licensing Requirements in New Jersey

2) Real Estate Appraiser Job Duties

3) Income Potential

4) New Jersey Real Estate Appraisal Schools

How to Become a Real Estate Appraiser in New Jersey

1) Real Estate Appraiser Licensing Requirements in New Jersey

In New Jersey, real estate appraisers MUST be licensed by the New Jersey State Real Estate Appraiser Board.

To apply for the Apprentice Program, you must:

be at least 18 years or older
be of good moral character
have a high school diploma or its equivalent
Complete a minimum of 75 classroom hours of courses related to Real Estate Appraising as follows:

A Basic Principles of Appraising course at least 30 classroom hours in length;
A Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation at least 15 classroom hours in length completed within six months prior to the filing of the application for an apprentice permit; and
30 classroom hours, where the length of the educational offering is at least 15 classroom hours, in a course or courses covering any or all of the following topics: influences on real estate value, legal considerations in appraisal, types of value, economic principles, real estate markets and analysis, valuation process property description, highest and best use analysis, appraisal statistical concepts, sales Comparison approach, site value, cost approach, income approach, valuation of partial interests, and appraisal standards and ethics.

An Apprentice must work under the technical supervision of a licensed appraiser. May assist on any appraisal within the scope of practice of the supervising appraiser.

After 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 3 levels of real estate appraiser licensing in New Jersey:

Residential License
Residential Certification
General Certification

License Levels Education Requirements Experience Requirements Exam Scope of Practice

Residential
License
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 commercial properties up to $250,000.

Residential
Certification
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.

General
Certification
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 New Jersey

According to the New Jersey Department of Labor and Workforce Development report released in February 2005, the median salary of Real Estate Appraisers in New Jersey was approximately $57,970/year.

Salaries can range from under $37,000/year to over $72,000 for those with experience.

4) Real Estate Appraisal Schools in New Jersey

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

School status may change so please call the Board at 973.504.6480 prior to signing up for classes.

Real Estate Appraisal Schools in New Jersey

Frank W. Kovats, Inc.

230 West Passaic Street

Maywood, NJ 07607

(201) 843-7277

American School of Business

194 Route 46 East

Fairfield, NJ 07004

(973) 244-0333

Precise Management, Inc.

133 1/2 La France Avenue

Bloomfield, NJ 07003

(973) 429-8466

Burlington County College

TEC Center

3331 Route 38

Mount Laurel, NJ 0805

Renwick and Associates

104 E. Main Street

Maple Shade, NJ 08052

(856) 779-7050

Nutley Learning Center

483 Franklin Avenue

Nutley, NJ 07110

Business Learning Center

184 Route 35

Cliffwood Beach, NJ 07735

(732) 583-9110

Back to New Jersey Real Estate Agent

License Levels	Education Requirements	Experience Requirements	Exam	Scope of Practice
Residential License	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 commercial properties up to $250,000.
Residential Certification	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.
General Certification	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.