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Career profile Real Estate Appraiser

Also known as Appraiser, Assessor, Certified Real Estate Appraiser, Commercial Appraiser, County Assessor, Field Appraiser, Real Estate Appraiser, Real Property Appraiser, Tax Assessor, Valuation Consultant

Real Estate Appraiser

Also known as Appraiser, Assessor, Certified Real Estate Appraiser

Interests Profile
  • Enterprising
  • Conventional
  • Realistic
Pay Range
$32,990 - $107,090 (annual)
Required Skills
  • Reading Comprehension
  • Active Listening
  • Critical Thinking
Knowledge Areas
  • Customer and Personal Service
  • Computers and Electronics
  • Mathematics
Core tasks
  • Determine taxability of properties, using methods such as field inspection, structural measurement, calculation, sales analysis, market trend studies, and income and expense analysis.
  • Compute final estimation of property values, taking into account such factors as depreciation, replacement costs, value comparisons of similar properties, and income potential.
  • Prepare written reports that estimate property values, outline methods by which the estimations were made, and meet appraisal standards.
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What does a Real Estate Appraiser do?

Real Estate Appraisers appraise real estate, exclusively, and estimate its fair value.

In addition, Real Estate Appraisers may assess taxes in accordance with prescribed schedules.

What kind of tasks does a Real Estate Appraiser perform regularly?

Real Estate Appraisers are often responsible for overseeing or executing some or all of the following tasks:

  • Compute final estimation of property values, taking into account such factors as depreciation, replacement costs, value comparisons of similar properties, and income potential.
  • Prepare written reports that estimate property values, outline methods by which the estimations were made, and meet appraisal standards.
  • Inspect new construction and major improvements to existing structures to determine values.
  • Prepare and maintain current data on each parcel assessed, including maps of boundaries, inventories of land and structures, property characteristics, and any applicable exemptions.
  • Collect and analyze relevant data to identify real estate market trends.
  • Explain assessed values to property owners and defend appealed assessments at public hearings.
  • Inspect properties, considering factors such as market value, location, and building or replacement costs to determine appraisal value.
  • Identify the ownership of each piece of taxable property.
  • Complete and maintain assessment rolls that show the assessed values and status of all property in a municipality.
  • Review information about transfers of property to ensure its accuracy, checking basic information on buyers, sellers, and sales prices and making corrections as necessary.
  • Conduct regular reviews of property within jurisdictions to determine changes in property due to construction or demolition.
  • Explain real and personal property taxes to property owners.
  • Examine income records and operating costs of income properties.
  • Establish uniform and equitable systems for assessing all classes and kinds of property.
  • Evaluate land and neighborhoods where properties are situated, considering locations and trends or impending changes that could influence future values.
  • Maintain familiarity with aspects of local real estate markets.
  • Search public records for transactions such as sales, leases, and assessments.
  • Check building codes and zoning bylaws to determine any effects on the properties being appraised.
  • Verify legal descriptions of properties by comparing them to county records.
  • Photograph interiors and exteriors of properties to assist in estimating property value, substantiate findings, and complete appraisal reports.
  • Interview persons familiar with properties and immediate surroundings, such as contractors, home owners, and realtors, to obtain pertinent information.
  • Obtain county land values and sales information about nearby properties to aid in establishment of property values.
  • Examine the type and location of nearby services, such as shopping centers, schools, parks, and other neighborhood features, to evaluate their impact on property values.
  • Estimate building replacement costs, using building valuation manuals and professional cost estimators.
  • Draw land diagrams to be used in appraisal reports to support findings.
  • Testify in court as to the value of a piece of real estate property.

The above responsibilities are specific to Real Estate Appraisers. More generally, Real Estate Appraisers are involved in several broader types of activities:

Getting Information
Observing, receiving, and otherwise obtaining information from all relevant sources.
Analyzing Data or Information
Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Processing Information
Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Making Decisions and Solving Problems
Analyzing information and evaluating results to choose the best solution and solve problems.
Working with Computers
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.

What is a Real Estate Appraiser salary?

The median salary for a Real Estate Appraiser is $58,650, and the average salary is $65,630. Both the median and average roughly describe the middle of the Real Estate Appraiser salary range, but the average is more easily affected by extremely high or low salaries.

Many Real Estate Appraisers earn significantly more or less than the average, due to several factors. About 10% of Real Estate Appraisers earn less than $32,990 per year, 25% earn less than $43,400, 75% earn less than $80,790, and 90% earn less than $107,090.

Between the years of 2020 and 2030, the number of Real Estate Appraisers is expected to change by 4.3%, and there should be roughly 6,300 open positions for Real Estate Appraisers every year.

Median annual salary
$58,650
Typical salary range
$32,990 - $107,090
Projected growth (2020 - 2030)
4.3%

What personality traits are common among Real Estate Appraisers?

Interests

Career interests describe a person's preferences for different types of working environments and activities. When a person's interest match the demands of an occupation, people are usually more engaged and satisfied in that role.

Compared to most occupations, those who work as a Real Estate Appraiser are usually higher in their Enterprising and Conventional interests.

Real Estate Appraisers typically have strong Enterprising interests. Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.

Also, Real Estate Appraisers typically have strong Conventional interests. Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.

Values

People differ in their values, or what is most important to them for building job satisfaction and fulfillment.

Compared to most people, those working as a Real Estate Appraiser tend to value Independence, Support, and Working Conditions.

Most importantly, Real Estate Appraisers moderately value Independence. Occupations that satisfy this work value allow employees to work on their own and make decisions.

Second, Real Estate Appraisers moderately value Support. Occupations that satisfy this work value offer supportive management that stands behind employees.

Lastly, Real Estate Appraisers moderately value Working Conditions. Occupations that satisfy this work value offer job security and good working conditions.

Psychological Demands

Each occupation brings its own set of psychological demands, which describe the characteristics necessary to perform the job well.

In order to perform their job successfully, people who work as Real Estate Appraisers must consistently demonstrate qualities such as integrity, attention to detail, and dependability.

Below, you'll find a list of qualities typically required of Real Estate Appraisers, ranked by importance:

Integrity
Job requires being honest and ethical.
Attention to Detail
Job requires being careful about detail and thorough in completing work tasks.
Dependability
Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Independence
Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.
Analytical Thinking
Job requires analyzing information and using logic to address work-related issues and problems.

What education and training do Real Estate Appraisers need?

Many Real Estate Appraisers will have a four-year bachelor's degree, but some do not.

Real Estate Appraisers usually need several years of work-related experience, on-the-job training, and/or vocational training.

Educational degrees among Real Estate Appraisers

  • 0.7% did not complete high school or secondary school
  • 10.3% completed high school or secondary school
  • 24.2% completed some college coursework
  • 9.2% earned a Associate's degree
  • 43.9% earned a Bachelor's degree
  • 9.1% earned a Master's degree
  • 2.6% earned a doctorate or professional degree

Knowledge and expertise required by Real Estate Appraisers

Real Estate Appraisers may benefit from understanding of specialized subject areas, such as customer and personal service, computers and electronics, or mathematics knowledge.

The list below shows several areas in which most Real Estate Appraisers might want to build proficiency, ranked by importance.

Customer and Personal Service
Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
Computers and Electronics
Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Mathematics
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Law and Government
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Administrative
Knowledge of administrative and office procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and workplace terminology.

Important Abilities needed by Real Estate Appraisers

Real Estate Appraisers must develop a particular set of abilities to perform their job well. Abilities are individual capacities that influence a person's information processing, sensory perception, motor coordination, and physical strength or endurance. Individuals may naturally have certain abilities without explicit training, but most abilities can be sharpened somewhat through practice.

For example, Real Estate Appraisers need abilities such as oral comprehension, written comprehension, and oral expression in order to perform their job at a high level. The list below shows several important abilities for Real Estate Appraisers, ranked by their relative importance.

Oral Comprehension
The ability to listen to and understand information and ideas presented through spoken words and sentences.
Written Comprehension
The ability to read and understand information and ideas presented in writing.
Oral Expression
The ability to communicate information and ideas in speaking so others will understand.
Inductive Reasoning
The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Near Vision
The ability to see details at close range (within a few feet of the observer).

Critical Skills needed by Real Estate Appraisers

Skills are developed capacities that enable people to function effectively in real-world settings. Unlike abilities, skills are typically easier to build through practice and experience. Skills influence effectiveness in areas such as learning, working with others, design, troubleshooting, and more.

Real Estate Appraisers frequently use skills like reading comprehension, active listening, and critical thinking to perform their job effectively. The list below shows several critical skills for Real Estate Appraisers, ranked by their relative importance.

Reading Comprehension
Understanding written sentences and paragraphs in work-related documents.
Active Listening
Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Critical Thinking
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
Speaking
Talking to others to convey information effectively.
Judgment and Decision Making
Considering the relative costs and benefits of potential actions to choose the most appropriate one.

What is the source of this information?

The information provided on this page is adapted from data and descriptions published by the U.S. Department of Labor, Employment and Training Administration under the CC BY 4.0 license. TraitLab has modified some information for ease of use and reading, and the U.S. Department of Labor, Employment, and Training Administration has not approved, endorsed, or tested these modifications.

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