Real Estate Appraisal Certification is an essential professional document that grants a real estate appraiser the legal authority to evaluate and assess the market value of properties. This certification is typically achieved after the completion of specified educational courses, fieldwork hours, and passing the national appraiser examination. It enables the appraiser to provide their expert opinion on the price of a property for a seller, buyer, or lending institution based on an in-depth analysis of the property’s characteristics, geographical location, and comparative market analysis.
There are generally two types of certifications: residential and general. The residential certification allows the appraiser to handle residential properties while general certification qualifies appraisers to estimate the value of all types of real estate, including commercial and industrial properties. Depending on state regulations, to obtain this certification, individuals may have to complete up to 300 hours of related coursework and demonstrate up to 2,500 hours of appraisal experience over a two-year minimum period.
The certification signifies credibility and increases potential income, while also demonstrating a commitment to ethical practices within the real estate industry.
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