Think you can do better than the appraisers you work with now? What standards and certifications are required for meeting state approval? To get an idea, we took a look at the Real Estate Appraiser Licensing Act of 2002, the Illinois legislation that established the current training standards for fledgling appraisers. Here’s what the act stipulates for two different residential appraisal certificates:
To become a State Certified Residential Real Estate Appraiser, you must:
• Complete 2,500 hours of Appraisal Qualifications Board, or AQB, appraisal experience, in no fewer than 24 months. The AQB is an independent board of The Appraisal Foundation, and it establishes the minimum education, experience and examination requirements that appraisers must attain for state certification.
• Complete 200 hours of AQB approved modular appraisal education.
• Have an associate’s degree or equivalent degree from an accredited college.
• Once you obtain your certificate, you’ll be able to appraise 1-4 residential units without regard to transaction value or complexity, though you will not be able to appraise subdivisions.
To become a State Certified General Real Estate Appraiser, you must:
• Complete 3,000 hours of experience in a time frame of no fewer than 30 months; 1,500 of those hours must be in non-residential appraisal work. The hours may be cumulative, but the required 30 months must accrue before you can be certified.
• Complete 300 hours of modular appraisal education.
• Have a Bachelor’s degree or higher equivalent from an accredited college.
• Once you achieve this certification, you’ll be able to appraise all types of real property.