You may get an appraisal and wonder how the appraiser arrived at that opinion, and is the appraiser qualified? Appraisers are licensed, and to be Certified, must have extensive experience and education.
In Arizona, appraisers must have their fingerprints submitted for a criminal background check. If new, the appraiser starts out as a Trainee Appraiser. The Trainee Appraiser must take the required classes and work under a qualified registered Supervisor for 3 years.
To become a Licensed or Certified appraiser, the appraiser must pass a National Exam. A Licensed Appraiser must have an associate’s degree, 2,000 hours of experience in no fewer than 18 months, and 150 hours of qualifying education. A Certified Appraiser must have a 4-year Bachelor degree, 2,500 hours of experience in no fewer than 24 months, and 200 hours of qualifying education. Appraisers also take continuing education in order to keep their license.
Thus, appraisers undergo extensive education and training in order to obtain and keep their license. They are licensed professionals. Lenders recognize this fact and rely on their opinions in making lending decisions.
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