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 Georgia that you’ll want to know.
What Does an Appraiser Do?
An appraiser's job is to supply impartial and unbiased information in order to estimate the value of a property. Each appraiser has to have the ability to analyze information from multiple sources and use sound judgment to determine the worth of a property. To be an appraiser, you need: Strong analytical skills The ability to observe and assess market trends * The ability to separate opinion from fact
Beyond these skills, an appraiser also needs to obtain an appraisal license. A licensed real estate agent cannot perform an appraisal unless they are also a licensed appraiser. Here are specific steps in the appraisal process:
Meet GREAB and USPAP
Appraisers in Georgia are regulated by the Georgia Real Estate Appraisers Board (GREAB). Besides GREAB, anyone interested in appraisal should know about the Uniform Standards of Professional Appraisal Practice (USPAP). This is the ethical code that appraisers in the United States must follow. All state-certified, practicing appraisers must follow these guidelines.
State Registered or State Trainee Appraiser Requirements
The following list represents the requirements to obtain a State Registered or State Trainee appraiser classification: 1. Must be at least 18 years of age 2. Must be a high school graduate or holder of a certificate of equivalency 3. Must successfully complete 90 hours of board-approved courses: a) Basic Appraisal Principles - 30 hours b) Basic Appraisal Procedures - 30 hours c) Uniform Standards of Professional Appraisal Practice (USPAP) - 15 hours d) Residential Report Writing and Case Studies - 15 hours
All applicants for the State Trainee classification must have also completed an AQB approved Supervisory/Trainee Course. Applicants for the State Registered classification are not required to complete the Supervisory/Trainee Course to obtain the classification; however, they will need to have completed the course prior to completing any supervised assignments that will be used to meet the experience requirements for obtaining a higher classification level. 4. Submit appropriate application and fee to GREAB 5. A copy of the applicant’s criminal history or Georgia Crime Information Center (GCIC) Report must accompany the application. If the report indicates any criminal conviction, additional documentation may be required.
Licensed and Certified Appraiser Levels
There are three different levels of licensed or certified appraiser that a State Registered or State Trainee appraiser can aspire to attain: State Licensed Appraiser State Certified Residential Appraiser * State Certified General Appraiser
State Licensed Appraiser
To become a State Licensed Appraiser, a State Registered or State Trainee appraiser needs: Additional educational hours: Residential Market Analysis and Highest and Best Use - 15 hours Residential Appraiser Site Valuation and Cost Approach - 15 hours Residential Sales Comparison and Income Approaches - 30 hours Upon the filing of an application for examination, an applicant must submit a detailed appraisal experience log on forms prescribed by the Board documenting at least 2,000 hours of real property appraisal experience, gained over a period of at least 12 months Must pass the Examination administered by AMP and approved by the Board * Documentation of age, education, and criminal history that was required for present designation
State Certified Residential Appraiser
After State Licensed Appraiser, the next level up is the State Certified Residential Appraiser. In addition to what is required of the previous levels, an applicant for State Certified Residential Appraiser will need: 1. Additional educational hours: a) Statistics, Modeling, and Finance - 15 hours b) Advanced Residential Applications and Case Studies - 15 hours c) Appraisal Subject Matter Electives - 20 hours 2. College-level education or equivalency or five years’ successful history as a State Licensed Appraiser (see GREAB web page for details on these options) 3. 2,500 hours of experience logged over a minimum of two years, of which at least 25% must be in complex one to four-unit residential appraisal work 4. Must pass the Examination administered by AMP and approved by the Board 5. Documentation of age, education, and criminal history that was required for present designation
State Certified General Appraiser
To progress from a State Registered or State Trainee Appraiser to State Certified General Appraiser, there’s a big jump in what needs to be accomplished. This is the top tier of appraisers, after all. In addition to what is required of the previous levels, an applicant for State Certified General Appraiser will need: Additional educational hours: General Market Analysis and Highest and Best Use - 15 hours General Appraiser Sales Comparison Approach - 15 hours General Appraiser Site Valuation and Cost Approach - 15 hours General Appraiser Income Approach - 45 hours General Appraiser Report Writing and Case Studies - 15 hours Must provide official transcript confirming a Bachelor’s degree or higher from an accredited college or university 3,000 hours of experience logged over a minimum of 30 months, of which at least 50% must be in non-residential appraisal work Must pass the Examination administered by AMP and approved by the Board Documentation of age, education, and criminal history that was required for present designation
The Appraisal Exam
Applicants for State Licensed, State Certified Residential, and State Certified General Real Property Appraisers must take and successfully pass a qualifying examination prior to classification approval. The exam is administered by Applied Measurement Professionals (AMP) and has been developed to ensure that applicants have the knowledge necessary to protect the consumer and the applicant's ability to apply that knowledge to a consumer's particular situation.
Details regarding the test content as well as sample questions and all other details relative to applying for and taking the exam can be found within the Candidate Handbook available through the AMP website.
Note: State Registered and State Trainee applicants are not required to take an exam in order to obtain a Georgia classification, but must submit the Application for State Registered or the Application for State Trainee.
Interested in Other Aspects of Real Estate?
Maybe you’re still exploring which real estate path you want to take. Learn more about the requirements for a Georgia real estate license here!