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:
- be a legal resident of the United States;
- have reached the age of majority;
- complete 75 board-approved classroom hours including the 15-hour national Uniform Standards of Professional Appraisal Practice (USPAP) course
- demonstrate to the board that he/she is honest, trustworthy and competent;
- take and pass a written examination on the New Mexico Real Estate Appraisers Act, administered by the board;
- complete and submit an application along with a $110 fee.
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:
- Licensed Real Estate Appraiser
- Certified Residential Real Estate Appraiser
- Certified General Real Estate Appraiser
| 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:
- 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 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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