Relevant Terms:
APPRAISAL FOUNDATION: An organization dedicated to the professional valuation of real property, which establishes and ensures the adoption of standards of professional practice.
UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE (USPAP): A set of quality control standards applicable for real estate appraisals, mandated by the Appraisal Foundation.
Certification Requirements
To become a Certified General Appraiser, one must meet rigorous educational and experience requirements:
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Education:
- 300 classroom hours of pre-certification education covering topics including the Uniform Standards of Professional Appraisal Practice (USPAP).
- A bachelor’s degree or higher.
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Experience:
- 3000 hours of appraisal experience accrued over a minimum duration of 30 months.
- At least 1500 hours of experience must be in non-residential appraisal work.
Examples
- Jim Weaver: After completing 300 hours of classroom education, obtaining a bachelor’s degree, and accruing over 3000 hours of appraisal experience, with an emphasis on non-residential properties, Jim Weaver met the strict requirements to become a Certified General Appraiser in his state. He is now qualified to appraise various properties, including those tied to federal agencies like the FDIC.
Frequently Asked Questions (FAQs)
Q1: What type of properties can a Certified General Appraiser appraise? A1: A Certified General Appraiser can appraise any type of property, from residential to commercial, including those tied to federal agencies.
Q2: How long does it typically take to become a Certified General Appraiser? A2: The process can vary but generally takes a minimum of 30 months to gather the required 3000 hours of appraisal experience, in addition to completing 300 hours of pre-certification education and obtaining a bachelor’s degree or higher.
Q3: What is USPAP and why is it important? A3: USPAP stands for Uniform Standards of Professional Appraisal Practice. It sets the quality control standards for all real estate appraisals in the USA, ensuring consistency, credibility, and legal compliance.
Related Terms
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Certified Residential Appraiser: A professional qualified to appraise residential properties only, mandated to follow guidelines similar to the general appraiser but limited in scope.
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Appraisal Management Company (AMC): A firm that administers a network of independent appraisers to perform real estate valuation assignments.
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Comparative Market Analysis (CMA): An analysis of the estimated value of a property based on the sale prices of similar properties in the area.
Online Resources
- The Appraisal Foundation
- Uniform Standards of Professional Appraisal Practice (USPAP) Resources
- Appraiser Qualifications Board (AQB) Standards
References
- The Appraisal Foundation. (n.d.). Retrieved from The Appraisal Foundation
- Uniform Standards of Professional Appraisal Practice. (n.d.). Retrieved from USPAP
- State Appraisal Regulatory Agencies. (n.d.). Your state’s real estate commission or appraisal board.
Suggested Books for Further Study
- The Appraisal of Real Estate by Appraisal Institute
- Real Estate Valuation Guide by IRS
- USPAP Manual by The Appraisal Foundation
- Fundamentals of Real Estate Appraisal by William L. Ventolo and Martha R. Williams
Real Estate Basics: Certified General Appraiser Fundamentals Quiz
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