Is an Appraisal Career

Right for You? 1

Introduction
Explore an appraisal career
This guide is full of practical insights and tips to get you
started in an appraisal career. McKissock Learning has
helped 100,000+ appraisers master their careers–from
licensing and continuing education to license upgrade and
professional development. We look forward to sharing our
expertise with you.

Here’s what you’ll find inside:

• What to expect along your career path
• What opportunities you can find with an appraisal career
• How to launch your career

Section 1 Why do people choose an appraisal career? 3

Section 2 Is now a good time to become an appraiser? 5

Section 3 Appraiser salary and income 7

Section 4 How to become an appraiser 9

Did you know?
McKissock Learning has helped more Section 5 Appraisal education: What to expect 13
than 100,000 appraisers launch their
appraisal careers.
Resources and Helpful Info 14

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Section 1:
Why do people choose an
appraisal career? “As a kid, I drew floor plans for

There are an estimated 85,000 licensed and certified appraisers in the some of the properties my dad was

U.S., and they come from many different backgrounds. People go into appraising. I like the freedom to take

the appraisal profession because they are following in their family’s on your own assignments, and earn
footsteps or they are intent on building a career in a field they love, as as much as you can by taking on as
well as one that pays well. Appraisers share the following as the top much work as you can.”
reasons they enjoy their profession: -John R.,
commercial and
• Potential to earn a high income residential appraiser in
• Opportunity to work flexible hours Washington, D.C.

• Low startup costs compared to other small businesses

• Opportunity to take on complex and challenging assignments
• Diverse career paths and specializations

Source: National Association of REALTORS®

Chapter 1: Why do people choose an appraisal career? 3

A day in the life of an appraiser
Every piece of real property, from a two-bedroom condo to a
500-acre alfalfa farm, has a value. It’s an appraiser’s job to offer an
opinion of that value, which lenders, insurers, property owners and
buyers, and divorce and estate attorneys use to do their jobs.

The nuts and bolts of appraising a property can include:

• Researching county and municipal public property records

• Diagramming or photographing a property and its structures
• Inspecting the property to determine its condition and
improvements
• Analyzing comparables, or similar nearby properties, to develop
value conclusions
• Preparing written reports of the property value

Appraising is a challenging and fulfilling career. "Just like an art “You’re seeing the world of real

historian sees more in a Monet than just a bunch of water-lilies, an estate in a way most people
appraiser views property through an educated and experienced don’t. It can be a very lucrative
lens," says Phil Crawford, a third-generation appraiser and host of and purpose-driven career.”
the Voice of Appraisal podcast. -Phil C., Ohio Appraiser
and host of Voice of Appraisal

Chapter 1: Why do people choose an appraisal career? 4

Section 2: Appraisers and Assessors of Real Estate
Percent change in employment, projected 2016-26
Is now a good time to become
an appraiser? 14%

Job outlook for real estate appraisers 10%

The Bureau of Labor Statistics projects that job growth for appraisers 7%
between 2016-2026 will be 14%, faster than average for all occupations.

Since the real estate market impacts the work of real property Appraisers and assessors Financial Total, all
of real estate specialists occupations
appraisers, demand for appraisers can fluctuate from year to year.
However, in general, the need for real property appraisers is increasing Note: All Occupations includes all occupations in the U.S. Economy.
due to long-term economic expansion and population growth. Source: U.S. Bureau of Labor Statistics, Employment Projections program

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Opportunities for future appraisers
Technology

Technology has a tremendous effect on how efficiently and accurately

appraisers can complete assignments, which is appealing to the next
generation of appraisers. The tech trend will increase dramatically over
the next few years, making “big data” more accessible to appraisers.
The influx of mobile technology will also help appraisers complete
assignments more efficiently.

Retiring appraisers

Almost half of practicing appraisers are 51-65 years old and nearing
retirement. In recent years, as these veterans have retired, there haven’t
been enough new appraisers to take their place, which has reduced the
number of appraisal credentials by 3% per year for the past five years.
The thinning of appraiser ranks, however, opens the door for newbies
entering the field and experienced appraisers considering investing
more time and money into upgrading their qualifications.

Stabilizing fees

The financial benefits of an appraisal career can be rewarding.

Fees have begun to rebound after being stagnant or in decline for
several years. Those who embrace technology and data will have a
significant opportunity awaiting them in a profession on the edge of
a very exciting period. Income will also grow for appraisers who gain
experience, upgrade license levels, and demonstrate expertise in
certain markets and specialties.

Chapter 2: Is now a good time to become an appraiser? 6

Section 3:
Appraiser salary and income
According to the Bureau of Labor Statistics, the median annual Average Base Salary for All Appraisers
wage for all appraisal license levels was $54,010 in May 2017, $16,320
more than the median annual wage for all occupations in the U.S.
$43K $79K $115K
economy.
Certified Residential Appraiser

Your actual earnings will depend on your appraisal license level. $53,237

According to Salary.com, Certified Residential Appraisers’ average $43,870 $61,507

income is $53,237 and Certified General Appraisers’ average income Certified General Appraiser
is $99,195 in 2019. $99,195

$85,320 $113,793
A higher appraisal license level gives you an advantage in the local
market, and offers greater control over your fees and more stability
in your work. Certified General appraisers are able to shield their
income from the ups and downs of the real estate market and do not
have to compete for smaller residential assignments. Source: Salary.com salary data as of February 28, 2019

Chapter 3: Appraisal salary and income 7

Appraiser start-up costs
An appraisal business is a relatively inexpensive business to start. You don’t need any heavy
equipment, a fancy car, a large number of employees, factories, retail space, or any of the other
money-sucking costs required to start other small businesses.

Most business purchases you already have – computer, cell phone, car, comfortable pair of
walking shoes. (Talk to your accountant about ways to depreciate and deduct these expenses on
your income tax form.)

However, starting an appraisal business requires purchasing some items specific to your business:

Appraisal Trainee qualifying education $800 - $1,500 / year

Appraisal software for writing reports $2,000 / year

Internet fees, cloud storage, MLS access $1,000 - $1,500 / year

Errors and Omissions Insurance $800 - $1,000 / year

Laser measuring device and other tools $200

Chapter 3: Appraisal salary and income 8

Section 4:
How to become an appraiser
In order to become a licensed appraiser, most states require you
to become an appraisal trainee and obtain a number of hours of
experience before you can appraise on your own. Many states
have different titles for trainees, such as apprentice appraiser or
registered appraiser.

Step 1: Become a trainee

Complete and pass 75 hours of basic appraisal education, which
includes three courses:

Basic Appraisal National

Principles USPAP Course
30 Hours 15 Hours

75
Hours
Basic Appraisal
Procedures
30 Hours

Find qualifying education courses https://www.mckissock.com/appraisal/licensing/

Chapter 4: How to become an appraiser 9

Step 2: Gain experience
Appraisal trainees must be supervised to get the required hours of experience before applying for another license level (such as licensed,
licensed residential or certified general). Locating a certified appraiser to serve as a supervisor is a very important step in becoming an appraiser.
The trainee and supervisory appraiser must keep a log of work completed that will be reviewed when the trainee applies for any license to the
state regulatory board.

Real estate appraiser qualification criteria

Classification Education Hours College Degree Requirements Experience Requirement

Trainee Appraiser 75 None None

Licensed Residential Appraiser 150 None 1,000 hours of acceptable appraisal

experience in no fewer than six months

Certified Residential Appraiser 200 Bachelor's degree, Associate's degree in a focused field 1,500 hours of acceptable appraisal
of study, successful completion of 30 college semester experience in no fewer than 12 months
credit hours in specified topics or successful completion
of CLEP exams

Certified General Appraiser 300 Bachelor's degree or higher (in any field) from an 3,000 hours of experience in no fewer than
accredited college or university 18 months of which 1,500 hours must be in
non-residential appraisal work)

* Hours required include specific curriculum course and hours — please see the Real Property Appraiser Qualification Criteria for details.
Please note that individual states may adopt requirements that are more stringent than the national requirements above. Therefore, an applicant for a real property appraiser
credential should always check with his or her state appraiser regulatory agency for state-specific requirements.
You can find more information on upgrading, as well as upgrade packages for your state at McKissock.

Chapter 4: How to become an appraiser 10

Step 3: Upgrade your appraisal license
Once you complete your qualifying education courses and training hours, you can upgrade your license. You have several options for upgrading,
and each level has different education and experience requirements. Each level also has different requirements for college-level course
requirements (see page 10).

Chapter 4: How to become an appraiser 11

An appraisers career path
Once you have your qualifying education and trainee hours under your belt, you’ll want to consider which
appraisal license level is right for you. Each level requires you to develop new skills that allow you to
appraise different property types.

You don’t have to follow a linear progression to upgrade. In fact, you can choose to upgrade from trainee
directly to certified general, or upgrade incrementally to each license level. It’s really up to you.

Choose the path Licensed Certified Certified

Trainee Appraiser Residential General
that's right for you...

Note: Not every state has the licensed appraiser credential.

The higher the license level, the more advantage you’ll have in the local market, and the greater control
you’ll have over your fees.

Here’s what you can you appraise at each license level:

Licensed residential appraisers

• Non-complex 1-4 residential units with a transaction value of less than $1 million (subject to individual state laws)

• Complex 1-4 residential units with a transaction value less than $250,000 (subject to individual state laws)

Certified residential appraiser

• 1-4 residential units without regard to complexity or transaction value (subject to individual state laws)

Certified general appraiser

• All types of real estate, from strip malls to airports

Chapter 4: Is now a good time to become an appraiser? 12

Section 5:
Appraisal education: What to expect
What role will education play in my What type of learner are you?
appraisal career? You can take your appraisal qualifying education courses completely
Appraisal education falls into several different buckets: qualifying online through an accredited appraisal school, such as McKissock.
education, continuing education, license upgrade education and Online education vs. classroom education
professional development.
Online Classroom
• Qualifying education: The courses you need to take to become a education education
licensed appraiser.
• Continuing education: Each state requires you to complete a Flexible course schedule •

certain number of continuing education (CE) hours in order to

Convenience •
renew your appraisal license. The duration of your license, and
the credit hours you must take, vary from state to state. CE Travel to class •
is a great way to stay up-to-date on changes in the appraisal
Learn at your own pace •
profession.
• License upgrade education: Upgrade education allows you Lower cost •
to upgrade your appraisal license to a different level, such as
Certified Residential or Certified General. Your upgrade courses Finish courses as quickly as possible •

will expose you to new ideas, methods and assignments you

Available 24/7 •
haven’t had the opportunity to master.
• Professional development: From taking specialization and State-approved courses • •
designation courses to attending online webinars or seminars on
State-relevant material • •
topics of interest, professional development education is not a
state requirement but gives you the opportunity to learn more Study guides • •
about different areas of real estate.
Access to instructors • •

Chapter 5: Appraisal education: What to expect 13

 /
Resources and helpful info
McKissock Learning 24/7 Access to online courses

McKissock enables appraisers and real estate agents to maintain their

licenses and achieve more in their careers through innovative courses,
webinars and job aids. You can upgrade your appraisal license, enroll #1 appraisal school ranked by
in USPAP and complete your continuing education courses with us. Be thousands of appraisers
sure to check out our blog for insights on the profession.
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appraisal career and help you understand the ins and outs of the
requirements you need to meet for obtaining your appraisal license.
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27 years in the appraisal
education business

Launch your appraisal career

today at McKissock.com

Resources and helpful info 14

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