Property appraisers are usually known to as Real Estate Appraisers. This is a category of real estate professional that determines the value of real estate.
This is a heavily-regulated industry, with oversight in the state and federal level.
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Different Kinds of Property Appraisers
Three types of appraisers are recognized:
- Certified Residential
General appraisers can appraise all kinds of estate, and therefore are most likely to operate on commercial valuations.
Licensed appraisers have the lowest-level licensing status and have less formal training than either General or Certified Residential appraisers. Licensed appraisers have more limitations on the kinds of property they can value, and fewer and fewer creditors will participate appraisers at this licensing level for service.
The typical appraiser engaged by a creditor to value property for a real estate transaction is Certified Residential.
Real Estate Appraisers are licensed by each state, with federal oversight by the Appraisal Subcommittee (ASC).
Eligible appraisers are listed on the National Registry which is a list maintained by the Appraiser Qualifications Board (AQB) having the details of State Licensed, State Certified Residential and State Certified General Appraisers who are eligible to perform appraisals in connection with federally-related transactions.
So as to become a certified property appraiser, individuals must meet a rigorous set of standards including classroom instruction and on-the-job training as a trainee.