How do I find a job as a real property appraiser?Newly licensed trainee real property appraisers may be employed by financial institutions, appraisal companies, or become self-employed. Many experienced real property appraisers are in business for themselves and hire new appraisers to provide appraisal assistance on specific assignments. Appraisers employed by financial institutions usually work standard hours while those working for appraisal companies or are self-employed typically set their own work schedules based upon appraisal assignment workloads.
Will Kaplan Professional Schools help me find employment when I'm done?We do not offer placement or employment services. The majority of our real property appraisal students come to us as the result of a recommendation from someone in the real estate or real property appraisal industry. If you are concerned about employment opportunities, we suggest that you investigate the market before attending the courses.
Can I work without an apprenticeship?Education, training, and experience are essential in becoming a skilled real property appraiser. In the past many appraisers entered the field by way of other real estate services such as sales, management, or finance. Today appraisers often enter the field directly. Unless you have a real estate background and a long list of potential clients, it is very difficult to work without an apprenticeship. Some types of appraisal assignments by certain clients such as financial institutions require a real property appraiser with an advanced level of licensing. Appraisers who do not have the advanced license level may work as apprentice with another qualified appraiser in these specific assignments.
Nobody in my area seems to be hiring. Any suggestions?Appraisal firms may employ appraisal assistants and trainees or offer part-time work to appraisal students. Financial institutions and county assessors' offices may also offer opportunities for on-the-job training. Trainee appraisers also affiliate themselves with self-employed appraisers. However, to acquire appraisal experience, competency and sign appraisal reports, a real property appraiser must have a state-issued license.
Could I be an appraiser on a part-time basis?Real property appraisers must gather and evaluate facts, access a variety of data sources, and must keep up with changing economic trends, governmental regulation, and societal patterns. While possible, it is very difficult to operate as a real property appraiser on a part-time basis.
How much money does the average appraiser earn?A beginning appraiser is limited by license status as to the type and level of work they may perform individually. Typically beginning appraiser works with one or more supervisory real property appraisers until a specific amount of appraisal experience and competency is achieved. The supervisory appraiser has years of experience and is usually qualified to perform a variety of appraisal assignments. The beginning appraiser gains appraisal experience by participating in supervised appraisal assignments. Beginning appraisers are usually compensated on an hourly basis or by sharing a percent of the fee from an assignment.
How long does an average residential appraisal take?Appraisers spend part of their time preparing and writing appraisal reports, but much of their work is accomplished away from the office, inspecting property, researching official records and deeds, analyzing market data, and interviewing informed sources. When local market factors change affecting market values, it may require more time to complete assignments. A beginning real property appraiser under the initial direction of a supervisory appraiser conducting typical residential assignments may complete 3-4 appraisals per week -- 8 hours each. More experienced appraisers who possess sophisticated databases and knowledge a local market may complete a residential appraisal assignment in 4-8 hours.
If I get an appraiser license in Minnesota, can I perform appraisals in other states?As a result of federal legislation passed in 1991, real property appraisers in the United States must be licensed or certified by their state to appraise certain types of "federally related real estate transactions." These types of transactions are for financial institutions. All 50 states are required to have the same minimum requirements for education, experience and exam requirements to obtain a certified real property appraiser and certified general real property appraiser license. Most states recognize other states requirements. Since laws vary from state to state, individuals should contact a state's regulatory agency for specific requirements and procedures.
How can I contact the Minnesota Department of Commerce?We have found that the best way to get in touch with the Department of Commerce is via e-mail. You should write to: email@example.com.
Minnesota Department of Commerce
NOTE — Walk-up service is no longer available at the Department of Commerce. Effective 7/1/08, the Licensing Service Counter (Walk-up Counter) is closed.
What if I don't pass the trainee real property appraisal exam on my first attempt?You should schedule another exam as soon as possible. You will be required to pay the exam fee each time you sit for the exam.
Is it possible to make up a class if I have to be absent?Yes. If you must be absent for any portion of one of the licensing classes, you will need to make up the exact unit you missed at another session of the same class. There is no fee for making up the class time, but please call Kaplan Professional Schools first so we can ensure that we have a seat available for you.
Can I get a license if I'm under the age of 18?No. You must wait until you are 18 before taking the licensing exam and obtaining a license.
How much will it cost to obtain an appraiser's license?The total cost of the licensing process (coursework, exam fee and license fee) is between $1070 - $1285.
Are there any programs for online courses or home study?No. Minnesota requires all qualifying education for obtaining an appraisal license to be in-class education including the 75 hours for the trainee real property appraiser license.
Do I have to take the Trainee Appraiser Series courses in order?Because the topics are developed in a logical sequence, it is important to take these three courses in order: 1. Basic Appraisal Principles 2. Basic Appraisal Procedures 3. Uniform Standards of Professional Appraisal Practice
How long are my course completion certificates valid?Your completion certificates are valid for up to five years.
How long are my test results valid?Your test results are valid for up to two years.
Are the Trainee Appraiser Series courses approved by the Veteran's Administration?Typically, the Veteran's Administration approves all state approved appraisal licensing courses.
If you are entitled to VA benefits, be sure to tell us when you register. After completing your courses and submitting the appropriate paperwork, you will be reimbursed by the VA based on your entitlement.
How do I become a Licensed RESIDENTIAL Real Property Appraiser?In order to be a licensed residential real property appraiser, you must: (1) complete 150 hours of approved licensing courses:
(4) apply for the Licensed Residental Real Property Appraiser license.
How do I become a Certified RESIDENTIAL Real Property Appraiser?In order to be a certified residential real property appraiser, you must: (1) complete 200 hours of approved licensing courses:
How do I become a certified GENERAL real property appraiser?In order to be a certified general real property appraiser, you must: (1) complete 300 hours of approved licensing courses:
What are my continuing education requirements?In Minnesota, every appraisal licensee must complete 30 hours of approved continuing education during each two-year licensing period. Of those 30 hours, 7 hours must be the national USPAP Update course or its equivalent.
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