How to Become a Real Estate Appraiser in New York
To get started as a real estate appraiser in New York, you must first satisfy all the requirements and apply to be a State Licensed Real Estate Appraiser Assistant.
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 York:
1) Real Estate Appraiser Licensing Requirements in New York
2) Real Estate Appraiser Job Duties
3) Income Potential
4) New York Real Estate Appraisal Schools
How to Become a Real Estate Appraiser in New York
1) Real Estate Appraiser Licensing Requirements in New York
In New York, real estate appraisers MUST be licensed by the New York Department of State, Division of Licensing.
To apply to be an Appraiser Assistant, you must:
- File an appraiser application with the $250 fee
- Complete the 90-hour minimum education requirements of a State Licensed Real Estate Appraiser
- work under the technical supervision of a New York State licensed or certified appraiser who must cosign any appraisal report involving a federally related transaction
- Utilize the same Uniform Standards of Professional Appraisal Practice as a state licensed or certified appraiser.
After receiving a minimum of 2000 hours of appraisal experience in no less than 2 years, you may apply to become a Licensed Residential Appraiser. The license cost is $300 and is valid for 2 years.
There are 3 levels of real estate appraiser licensing in New York:
- State Licensed Real Estate Appraiser
- State Certified Real Estate Appraiser
- State Certified General Real Estate Appraiser
License Levels | Education Requirements | Experience Requirements | Exam | Scope of Practice |
State Licensed Real Estate 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. |
State Certified Real Estate 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. |
State Certified General Real Estate 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 York
According to the New York State Department of Labor, the median salary of Real Estate Appraisers in New York is approximately $54,680/year.
Salaries range from under $33,200/year for entry-level to over $64,000 for those with experience.
4) Real Estate Appraisal Schools in New York
If you are interested in becoming a real estate appraiser in New York, you will need to take classes that are approved by the New York Department of State
School status may change so please call the DOS at 212.417.5747 prior to signing up for classes.
Real Estate Appraisal Schools in New York:
American Real Estate School/Real Estate School of the Northeast
517 Route 111, Suite 217
Hauppauge, NY 11788
(631) 724-8844
Appraisal Education Network School
1461 Lakeland Avenue
Bohemia, NY 11716
(631) 563-7720
Baruch College CUNY/The Newman Institute
137 East 22nd Street
Box C-0120
New York, NY 10010
(212) 802-5940
Brooklyn School of Real Estate
157 Kings Highway
Brooklyn, NY 11223
(718) 621-7000
New York Real Estate Institute, Inc.
132 W 36th Street
Second Floor
New York, NY 10018
(212) 967-7508
New York State Association of Realtors
130 Washington Avenue
Albany, NY 12210
(518) 463-0300
The Professional Career Center
6443 Ridings Road
Suite 108
Syracuse, NY 13206
(315) 432-1045
Real Estate Education Center
407 Avenue P
Brooklyn, NY 11223
(718) 375-2266
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