If you’re a trainee and want to start your career earning a higher income or you want to upgrade your Licensed Residential Appraisal license with less qualified education, becoming a Certified Residential Appraiser may be the right step for you. If you’re not sure what this role entails or if it’s the best option, we’re breaking down how to become a Certified Residential Appraiser, income information and more.
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What is a Certified Residential Appraiser?
A Certified Residential Appraiser can appraise any type of residential property containing four or fewer units. Basically, this includes:
Single family homes
Single family homes with auxiliary dwelling units (ADUs)
Duplexes
Triplexes
There is no limit on complexity or transaction value, subject to the Competency Provisions of USPAP, so this certification opens the door to appraising more complex residential properties, including luxury homes.
How much do Certified Residential Appraisers make?
In 2022, the average annual income for Certified Residential Appraisers was $101,598. There are factors that influence this amount, including:
Location – Appraisers in higher cost-of-living areas or areas with a stronger housing market may earn more.
Experience – Appraisers who have been in business longer are more likely to earn more as they tend to have a larger network, are more efficient so they can complete more tasks in less time and may have other income streams.
Specialization – If you specialize in luxury homes, green homes, or more complicated residences, you can often charge higher rates, increasing your income.
How to become a Certified Residential Appraiser?
The Appraisal Qualifications Board (AQB) of the Appraisal Foundation has minimum recommended guidelines in place to become a Certified Residential Appraiser. While most states use these requirements, it’s important to check with your state’s board to get the specific requirements for your state.
Qualifying education
You will need 200 total hours of Qualifying Education. This includes your 75 hours of education required to obtain your appraisal license, so if you already have that, you’ll only need 125 additional hours. Examples of required courses may include:
Residential Market Analysis and Highest & Best Use
Residential Appraiser Site Valuation and Cost Approach
Residential Sales Comparison and Income Approaches
Residential Report Writing and Case Studies
Statistics, Modeling and Finance
Advanced Residential Applications and Case Studies
Hands on experience
You need to have 1,500 hours of appraisal experience in no fewer than 12 months.
College education
Unlike the Licensed Residential Appraiser, you will most need some post-secondary education. Most states accept one of the following:
Bachelor’s degree in any field of study
Associate degree in a focused field of study, such as business, economics or real estate
Successfully completing 30 college semester credit hours in specific topics
Again, these are the AQB’s minimum recommended requirements. We highly recommend you check with your state’s board for more details.
Take the next step to become a Certified Residential Appraiser
If you’re ready to level up your license, earn more money, and take on more challenging roles, McKissock can help you do it! We have qualifying education to meet your state’s requirements, exam prep to help you pass the National Uniform Licensing and Certification Examination and continuing education to keep your license valid.
If you’re not sure where to start or are feeling stuck, McKissock’s Education Specialists can help you understand all of the requirements you need to meet to upgrade your license. Call us at 877.204.1039.
