How to Become a Real Estate Appraiser in New Mexico

 

To get started as a real estate appraiser in New Mexico, you must apply to be registered as an Apprentice Real Estate 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 New Mexico:

1) Real Estate Appraiser Licensing Requirements in New Mexico

2) Real Estate Appraiser Job Duties

3) Income Potential

4) New Mexico Real Estate Appraisal Schools

 

How to Become a Real Estate Appraiser in New Mexico

 

1) Real Estate Appraiser Licensing Requirements in New Mexico

In New Mexico, real estate appraisers MUST be licensed by the New Mexico Real Estate Appraisers Board. 

 

To be registered as an Apprentice Real Estate Appraiser, you must:

 

After receiving a minimum of 2000 hours of appraisal experience in no less than 1 year, you may apply to become a Licensed  Appraiser. There is a $165 fee.

There are 3 levels of real estate appraiser licensing in New Mexico:

 

 License Levels Education Requirements Experience Requirements Exam Scope of Practice
Licensed  Appraiser 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.
 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 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 Mexico

According to the New York State Department of Labor, the median salary of Real Estate Appraisers in New York is approximately $32,200/year.

Salaries range from under $21,000/year for entry-level to over $47,000 for those with experience.

 

4) Real Estate Appraisal Schools in New Mexico

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

School status may change so please call the Board at (505)476-4611 prior to signing up for classes.

 

 

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