So, you want to become a real estate appraiser. Perhaps you’ve been in the real estate industry for a while, and you’ve decided to take your career in a different direction. Or maybe real estate is a brand new field for you. Either way, here is some important information on real estate appraisal in Texas that you’ll want to know.
What Does an Appraiser Do for a Living?
The function of an appraiser is to provide objective and unbiased information in order to determine the worth of a property. Each appraiser must be able to examine data from different sources and apply sound judgment to determine the value of a property. You must have the following qualifications to work as an appraiser:
Analytical abilities that are exceptional
The ability to spot and evaluate market trends
The ability to distinguish between opinion and fact Aside from these qualifications, an appraiser must also receive an appraisal license. A licensed real estate agent who is not also a licensed appraiser cannot execute an appraisal.
The Roles of USPAP and TALCB with Appraisers
The Texas Appraiser Licensing & Certification Board regulates appraisers in Texas (TALCB). When an appraiser’s application is approved, the individual becomes an Appraiser Trainee. All assessment reports they complete must be approved by their supervisor.
In addition to TALCB, everyone interested in appraisal should be familiar with the Uniform Standards of Professional Appraisal Practice (USPAP). This is the ethical standard that all appraisers in the United States must adhere to. These criteria must be followed by all state-certified, practicing appraisers.
Levels of an Appraiser
A trainee can aim to one of three different levels of appraiser:
Residential Appraiser License
Residential Appraiser Certification
General Appraiser Certification
Whatever level of appraisal the trainee aspires to, they must complete four courses:
Appraisal 1: Fundamental Appraisal Principles (30 hours)
Appraisal 2: Fundamental Appraisal Procedures (30 hours)
Uniform Standards of Professional Appraisal Practice (USPAP) (15 hours)
Texas Appraisal Supervisor and Trainee (4 hours)
This basic education requirement totals 79 hours.
The Final Exam
After completing the prerequisites for the level of appraiser desired, a trainee must take the state appraiser test before becoming an appraiser. An appraiser trainee who has completed all prerequisites will be advised of their eligibility to take the state exam.
They will be a full-fledged appraiser once they pass that test!