How to Become a Real Estate Appraiser in Tennessee
To start out as a real estate appraiser in Tennessee, you must first satisfy all the state's requirements and register as a Trainee.
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 Tennessee:
1) Real Estate Appraiser Licensing Requirements in Tennessee
2) Real Estate Appraiser Job Duties
3) Income Potential
4) Tennessee Real Estate Appraisal Schools
How to Become a Real Estate Appraiser in Tennessee
1) Real Estate Appraiser Licensing Requirements in Tennessee
In Tennessee, real estate appraisers MUST be licensed by the Tennessee Real Estate Appraiser Commission.
To register as a Trainee, you must:
- have a high school diploma or its equivalent
- Complete a minimum of 75 classroom hours of courses related to Real Estate Appraising as follows:
- Thirty (30) hour Appraisal Principles course
- Fifteen (15) hour Uniform Standards of Appraisal Principles (USPAP) course
- Thirty (30) hour Appraisal Principle, Methods, or Procedure course
- Complete and submit the Trainee Register Application form along with a $125 fee.
A Trainee must work under the technical supervision of a licensed appraiser. He/she 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 is an application fee of $125 and a hefty licensing fee of $400. The exam costs $100.
There are actually 3 levels of real estate appraiser licensing in Tennessee:
- Residential License
- Residential Certification
- General Certification
| 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:
- 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 Tennessee
According to the Tennessee Department of Labor and Workforce Development, the median salary of Real Estate Appraisers in Tennessee was approximately $34,700/year.
Salaries can range from under $22,600/year to over $74,000 for those with experience.
4) Real Estate Appraisal Schools in Tennessee
If you are interested in becoming a real estate appraiser in Tennessee, you will need to take classes that are approved by the Tennessee Real Estate Commission.
School status may change so please call the Commission at 615.741.1831 prior to signing up for classes.
Real Estate Appraisal Schools in Tennessee:
CONTINUAL LEARNING INSTITUTE
2002 RICHARD JONES ROAD, SUITE C-305
NASHVILLE, TN 37215
615-297-1800
UNIVERSITY OF MEMPHIS
RICHARDSON TOWERS, #101
MEMPHIS, TN 38152
901-678-2381
SOUTHWEST TN COMM COLLEGE
5983 MACON COVE
CONTINUING EDUCATION
MEMPHIS, TN 38134
901-382-8324
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