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:

 

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:

 

 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:

 

 

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

   

 

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