What are the requirements to become an appraiser?
At minimum, all states require appraisers to be state licensed or certified in order to provide appraisals to federally regulated lenders. Appraisers have fulfilled educational and experience requirements and must adhere to strict standards and a code of professional ethics. Qualified appraisers bring knowledge, experience, impartiality and trust to the transaction. In so doing, they help their clients make sound decisions with regard to real property. Appraisers who hold the MAI designation have completed rigorous training, education and experience requirements well beyond the requirements of state certification. Question: Why would a person need an appraisal? Answer: There are many reasons to obtain an appraisal with the most common reason being mortgage transactions. Other reasons for ordering an appraisal include: • To obtain a loan. • To lower your tax burden. • To establish the replacement costfor insurance. • To contest high property taxes. • To settle an estate. • To provide a
