Real estate appraisal is a challenging and rewarding career path with strong income potential and no college degree required.
As a Virginia Licensed Residential Appraiser, you’ll be able to appraise residential properties up to $1,000,000 in value. Work as an independent contractor for homeowners and lenders for maximum flexibility. Or become an inhouse appraiser for a financial institution where you’ll enjoy stability and employee benefits. And you’ll probably make around $60,000 annually in Virginia!
Anyone over 18 with the right to live and work in the US can train to be a real estate appraiser. All you have to do is follow these simple steps.
Step 1: Complete Your Education Requirements
To begin your real estate appraiser career in Virginia, you’ll need to complete three courses from a Virginia DPOR-approved provider: 1. Basic Appraisal Principles (30 hours) 2. Basic Appraisal Procedures (30 hours) 3. National USPAP Course (15 hours) These courses will teach you what it means to be an appraiser and how to go about your work in your new career.
Step 2: Find a Certified Appraiser to Supervise Your Work
As a Trainee Appraiser, you must be supervised by a Certified Virginia Real Estate Appraiser in good standing. You can start your search for your supervisor while you’re taking your courses so you’ll be ready to roll when it’s time to apply for your Trainee Appraiser License.
Step 3: Apply to the Virginia DPOR Real Estate Appraiser Board as a Trainee Appraiser
Once you have proof of completing your educational requirements, you can submit your Virginia DPOR application to be a Trainee Appraiser. This application simply helps the DPOR track members of the appraisal industry. Your chosen supervisor will also need to complete a Trainee Supervisor Verification Form when you file your application.
There is a fee to apply. The fee amount listed on the current application is $155.
Step 4: Get Some Work Experience and More Education
Before you can apply to be a licensed real estate appraiser in Virginia, you need to log 1,000 hours of supervised appraisal experience over a period of at least six months.
You’ll also need to complete 150 total hours of appraisal education (which includes the 75 hours you completed to become a Trainee Appraiser). Required courses at this level include:
- Market Analysis (15 hours)
- Site Valuation and Cost Approach (15 hours)
- Sales Comparison and Income Approach (30 hours)
- Report Writing and Case Studies (15 hours) These courses dive deep into the details of the appraisal so you’ll be able to calculate an accurate valuation using multiple methods.
Step 5: Pass Your Licensed Residential Appraiser Exam
With your work experience and additional education documented, you’re ready to take your Virginia State Appraisal License Exam.
Important: you must apply to take your test by completing the Virginia DPOR Appraiser License Application. The current fee for this application is $290.
Once you pass your test, you’ll officially be a Virginia Licensed Residential Appraiser! You can enjoy your career at this level or you can continue to progress through the ranks of Virginia Certified Residential Appraiser and, ultimately, Virginia Certified General Appraiser. There is plenty of growth opportunity in Virginia real estate appraisal!