Pathway Appraisals

Appraisers are Professionals

All Professional appraisers provide thorough reports an overall estimate of the market value of any home. Most appraisers are hired by the buyer’s mortgage lender before the closing of a home purchase. Licensed appraisers and Certified residential appraisers are two of the four classifications of professional appraisers established by the Appraiser Qualifications Board.

Licensed Appraiser

The Appraiser Qualifications Board establishes minimum educational requirements for each class of appraiser. According to The Appraisal Institute a licensed appraiser class involves 150 hours of coursework. Classes in basic appraisal principals and procedures, professional standards, various valuation methods, and report writing are among the courses commonly included in the program. You can complete these requirements through certification programs in your state or earn an associate degree or bachelor’s degree that includes the required courses.

Licensed Appraisers Work

The licensed appraiser is essentially the lowest level of professional appraisal accreditation you can get without needing to have your work supervised by someone else. With a license, you can typically perform appraisal work on 1 to 4 unit residential structures with a value below $1,000,000, according to The Appraisal Institute. You can work on other types of buildings with more complex structures, but the contract price on those homes cannot exceed $250,000.

Certified Residential Appraiser

A certified residential appraiser must complete 210 hours of coursework to achieve this designation. Along with completing the required classes for the licensed appraiser designation, he must complete courses in real estate finances and statistics, residential applications and case studies, and advanced report writing.

Certified Residential Appraiser Work

There are two types of certified classifications based on the Appraiser Qualifications Board minimum standards. The residential certified is more narrow than the certified general appraiser, who can appraise all types of real property, including commercial. The main advantage of a certified residential appraisal over the licensed appraiser is the ability to appraise all one- to four-unit residential properties no matter how complex the structure and how expensive the transaction price. This is a significant benefit to certified appraisers in markets with much higher home prices. Contact Us

Pathway Appraisals