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Appraiser and Assessor of Residential Real Estate Property
What Does an Appraiser and Assessor of Residential Real Estate Property Do?
Appraisers and assessors of residential real estate property work with local properties. They determine the value of properties that must be sold, mortgaged, taxed, insured, or developed. In particular, appraisers and assessors have two different functions. Appraisers specialize in certain types of properties, such as homes and condominiums, and work with independent clients. They usually handle one property at a time, focusing on estimating the value of the property based on the home’s condition, immediate neighborhood, and other distinctive characteristics, such as its proximity to highways or schools. Assessors work with the local government to determine the value of entire neighborhoods for tax assessment purposes. Property owners that challenge the assessments must have their homes reassessed, at which time residential real estate property assessors must provide evidence of their assessment’s accuracy. Challenged assessments must be debated and settled in a public hearing.
What Is the Employment and Salary Outlook for an Appraiser and Assessor of Residential Real Estate Property?
Job opportunities for residential real estate property appraisers and assessors will grow steadily. As the economy slowly recovers and the real estate market picks up once again, assessors and appraisers will see their demand grow. However, with a rapidly increasing population, the need for appraisers and assessors will soon be evident and positions will open up as more people move into their first homes. Aside from job openings as a result of job expansion, many openings will also result from current appraisers and assessors retiring, advancing to another position, or leaving the industry. Employment opportunities for appraisers and assessors of residential real estate property are expected to grow five percent through 2018, according to the Bureau of Labor Statistics. This is slower than the national job growth average, but the field is still experiencing an increase in openings nonetheless. In addition, the increasing population ensures that the industry will continue to experience slow but steady growth. Appraisers and assessors of residential real estate property earn an average salary of $47,370 annually, according to the latest information from the Bureau.
How Can I Become an Appraiser and Assessor of Residential Real Estate Property?
Although appraisers and assessors of commercial properties must have at least a bachelor’s degree, those working with residential properties need only an associate degree to work. Aspiring appraisers and assessors of residential real estate property should earn an associate degree in economics, business, or real estate law. These fields of study prepare future appraisers and assessors for job opportunities in the complex housing market. An associate degree typically takes about two years to earn. During this time, students should take courses in computer science, business, mathematics, and other classes that will help build their knowledge of the real estate market. Certification and licensure requirements vary from state to state, though all appraisers must have certification if working with properties with a loan value more than $250,000. Many states also require that appraisers earn additional licenses to work. These licensure and certification programs require an associate degree, additional classroom education, and hands-on job experience. After gaining licensure and certification, assessors and appraisers may work in the field. However, they must participate in continuing education programs in order to renew their licenses.