So, you’re interested in becoming a real estate appraiser. Maybe you’ve been in the real estate industry for a while and desire a change in your career direction. Or perhaps you’re brand new to the field. Either way, let’s delve into some crucial information about real estate appraisal in Texas that you should know.
Understanding the Role of an Appraiser
An appraiser’s responsibility is to provide impartial and unbiased information to estimate the value of a property accurately. To be successful in this field, appraisers must possess:
- Strong analytical skills
- The ability to observe and assess market trends
- The skill to distinguish opinion from fact
Moreover, to become an appraiser, it is essential to obtain an appraisal license. Even licensed real estate agents cannot conduct appraisals without holding an appraisal license themselves.
Familiarize Yourself with TALCB and USPAP
In Texas, appraisers are regulated by the Texas Appraiser Licensing & Certification Board (TALCB). Once an individual’s application to become an appraiser is approved, they become an Appraiser Trainee. Their supervisor must review and endorse all of their appraisal reports.
In addition to TALCB, it’s crucial for aspiring appraisers to acquaint themselves with the Uniform Standards of Professional Appraisal Practice (USPAP). These ethical guidelines must be strictly followed by all state-certified and practicing appraisers in the United States.
Different Levels of Appraisers
There are three levels of appraisers that an Appraiser Trainee can aspire to achieve:
Licensed Residential Appraiser
A licensed residential appraiser primarily focuses on appraising one-to-four family non-complex residential units valued at less than $1,000,000, and one-to-four family residential complex units with a transaction value below $250,000. It’s important to note that in this context, “complex” refers to atypical factors (such as age, size, use, or environmental hazards) significantly differing from surrounding properties, rather than apartment complexes.
To become a Licensed Residential Appraiser, an Appraiser Trainee must fulfill the following requirements:
- Complete an additional 75 hours of education on top of the initial 79 hours
- Verify that their USPAP course was taken after February 1, 2002
- Accumulate 2,000 hours of experience over a minimum period of one year
- Hold either an Associate’s Degree or complete 30 course credit hours from an accredited college or university
Certified Residential Appraiser
After becoming a Licensed Residential Appraiser, the next level is a Certified Residential Appraiser. These appraisers can participate in one-to-four residential unit transactions, regardless of the value.
To progress to this level, the Appraiser Trainee must meet the following requirements:
- Complete an additional 125 hours of education, totaling 204 hours
- Verify that their USPAP course was taken after February 1, 2002
- Accumulate 2,500 hours of experience over a minimum period of two years
- Hold a Bachelor’s Degree or higher from an accredited college or university
Certified General Appraiser
A Certified General Appraiser possesses the ability to appraise any type of property, anywhere, and at any time. This level signifies the highest tier of appraisers. The requirements to progress from Appraiser Trainee to Certified General Appraiser are significantly more demanding. For this level, the Appraiser Trainee must accomplish the following:
- Complete an additional 225 hours of education, totaling 304 hours
- Verify that their USPAP course was taken after February 1, 2002
- Accumulate 3,000 hours of experience over a minimum period of two and a half years, where at least 1,500 hours pertain to nonresidential real property
- Hold a Bachelor’s Degree or higher from an accredited college or university
Conquering the Appraisal Exam
Once a trainee fulfills the requirements for their desired appraiser level, they must take the state appraiser test. Only after passing this test can they become a fully-fledged appraiser. Trainees who have met all their requirements will receive notification about eligibility for the state exam.
Explore Other Aspects of Real Estate
If you’re still exploring different paths in the real estate industry, you may be interested in learning more about how to obtain a Texas real estate license. Visit the Garrity Traina website to find out more!
Note: Garrity Traina is a leading authority in real estate, offering comprehensive resources and guidance for individuals pursuing successful careers in the field.
