How to Become a Real Estate Appraiser in Rhode Island

 

To become a real estate appraiser in Rhode Island, you must first apply to be licensed as a Trainee 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 Rhode Island:

1) Real Estate Appraiser Licensing Requirements in Rhode Island

2) Real Estate Appraiser Job Duties

3) Income Potential

4) Rhode Island Real Estate Appraisal Schools

 

How to Become a Real Estate Appraiser in Rhode Island

 

1) Real Estate Appraiser Licensing Requirements in Rhode Island

In Rhode Island, real estate appraisers MUST be licensed by the Rhode Island Division of Commercial Licensing and Regulation. 

 

To be licensed as a Trainee Appraiser, you must:

 

After receiving a minimum of 2000 hours of appraisal experience in no less than 2 years,  a Real Estate Appraiser Trainee may apply to become a Licensed Appraiser.

There are 3 levels of real estate appraiser licensing in Indiana:

 

 License Levels Education Requirements Experience Requirements Exam Scope of Practice
 Licensed  Appraiser A minimum of 90 hours of required appraisal  education , including 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 2.5  years. 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 Rhode Island

According to the Rhode Island Department of Labor and Training, the 2003 median salary of Real Estate Appraisers in Rhode Island was approximately $41,300/year.

Salaries ranged from $19,400/year to over $69,000/year.

4) Real Estate Appraisal Schools in Rhode Island

If you are interested in becoming a real estate appraiser in Rhode Island, you will need to take classes that are approved by the Rhode Island Division of Commercial Licensing and Regulation.

Please call the Board at 401.222.2262 prior to signing up for classes.
 

Name of Provider

Real Estate Appraisal Schools for Rhode Island

 

Appraisal Institute

401.433.6985

 

Bellevue Real Estate School

401.849.6084

 

Rhode Island Association of Realtors

401.785.9898

 

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