USA Career Guide- Appraisers and Assessors of Real Estate
Education needed to be Appraisers and Assessors of Real Estate
Appraisers of residential real property usually have an associate's degree, and appraisers of commercial property usually have a bachelor's degree. In practice, however, most have a bachelor's degree. Courses in subjects such as economics, finance, mathematics, computer science, English, and business or real estate law can be very useful for prospective appraisers and assessors.
There is varied education and experience requirements for appraisers that must be met to practice in most states of United States.
Licenses and CertificationFederal law requires that most appraisers have state certification. There is no such federal requirement for assessors, although some states require certification.
The level of certification determines what type of property a person may appraise. The two federally required certifications are:
• Certified Residential Real Property Appraiser
• Certified General Real Property Appraiser
Both appraisers and assessors must take continuing education to keep the license or certification. Requirements vary by state.
Pay of Appraisers and Assessors of Real EstateThe Median annual wage of appraisers and assessors of real estate was $48,500 in May 2010. The lowest 10 percent earned less than $25,920, and the top 10 percent earned more than $90,650.
Median annual wages of appraisers and assessors (May 2010)Nondepository credit intermediation $62,050
Depository credit iintermediation $58,350
State government $52,260
Activities related to real estate $49,000
Local government $45,370
Source: U.S. Bureau of Labor Statistics, Employment Projections program
Job Prospects of Appraisers and Assessors of Real EstateEmployment of appraisers and assessors of real estate is expected to grow 7 percent from 2010 to 2020, slower than the average for all occupations. Demand for appraisal services is strongly tied to the real estate market, which can fluctuate in the short term. Over the long term, employment growth will be driven by economic expansion and population increases—factors that generate demand for real property.
Overall job opportunities are expected to be highly competitive. Opportunities for established certified appraisers are expected to be available in these areas, the cyclical nature of the real estate market will directly affect the number of jobs for appraisers, especially those who appraise residential properties. In times of recession, fewer people buy or sell real estate, decreasing the demand for appraisers. As a result, job opportunities should be best for appraisers who are able to switch specialties and appraise different types of properties.
Industrial Overview of Appraisers and Assessors of Real EstateAppraisers and assessors of real estate held about 77,800 jobs in 2010. The following industries employed the most appraisers and assessors of real estate in 2010:
Activities related to real estate 34%
Local government 33%
State government 4 %
Nondepository credit intermediation 2 %
Depository credit intermediation 2%
Source: U.S. Bureau of Labor Statistics