Become an Appraiser in Maryland

How does someone become an Appraiser in Maryland?

To become a real property appraiser, you will need to obtain education and experience, then pass a state-administered licensing or certification exam.

One of the best ways to gain experience is to serve in an apprentice or trainee capacity with a state certified appraiser. Many states offer a trainee classification that formalizes the relationship between the state certified appraiser and a trainee appraiser. Professional appraiser organizations may also be helpful in assisting with mentor
programs.

There are pros and cons when becoming a real estate appraiser. While being an appraiser offers a flexible career where you can set your own schedule, it also time consuming to enter the field and obtain a license or certification. The following article will layout the criteria to become a Maryland Appraiser.

 STEP 1 – Obtain a Maryland Trainee License

An applicant must have completed 75 tested hours of Commission-approved real estate courses of which 15 hours shall be in the subject of the Uniform Standards of Professional Appraisal Practice.

30 Hours – Basic Appraisal Principles
30 Hours – Basic Appraisal Procedures
15 Hours – 15 Hour National USPAP
75 Hours

Appraiser in Maryland

After completing the course requirements to become a trainee the next decision is to decide what kind of real property appraiser you want to become. There are 3 types of real property appraisers and they each have different licensing requirements:

  • Licensed Real Estate Appraiser
  • Certified Residential Real Estate Appraiser
  • Certified General Real Estate Appraiser

STEP 2 –  Follow the criteria below to complete for the license of your choice.

Licensed Real Estate Appraiser in Maryland
Applicant must complete 150 hours of courses approved by the Commission and complied at least 2,000 experience hours accrued over a minimum of 24 months. There is no degree requirement for this category.

30 Hours – Basic Appraisal Principles
30 Hours – Basic Appraisal Procedures
15 Hours – 15 Hour National USPAP
15 Hours – Residential Market Analysis and Highest & Best Use
15 Hours – Residential Site Valuation and Cost Approach
30 Hours – Residential Sales Comparison and Income Approaches
15 Hours – Residential Report Writing and Case Studies
150 Hours

Certified Residential Real Estate Appraiser in Maryland
Applicant must have completed 200 hours of courses approved by the Commission and hold an associate’s degree or higher, or in lieu of an associate’s degree, 21 semester credit hours in specific courses prescribed by the Commission and compiled at least 2,500 hours of appraisal work over a period of at least two calendar years (24 months).

30 Hours – Basic Appraisal Principles
30 Hours – Basic Appraisal Procedures
15 Hours – 15 Hour National USPAP
15 Hours – Residential Market Analysis and Highest & Best Use
15 Hours – Residential Site Valuation and Cost Approach
30 Hours – Residential Sales Comparison and Income Approaches
15 Hours – Residential Report Writing and Case Studies
15 Hours – Real Estate Finance, Statistics, and Valuation Modeling
15 Hours – Advanced Residential Applications and Case Studies/Part 1
30 Hours – Advanced Residential Applications and Case Studies/Part 2
210 Hours

Certified General Licensed Real Estate Appraiser in Maryland
Applicant must have completed 300 hours of courses approved by the Commission and hold a bachelor’s degree or higher, or in lieu of a bachelor’s degree, 30 semester credit hours in specific courses prescribed by the Commission and compiled a minimum of 3,000 hours of appraisal work over a period of at least (30 months), at least 1,500 hours of which in non-residential real property appraisal work.

30 Hours – Basic Appraisal Principles
30 Hours – Basic Appraisal Procedures
15 Hours – 15 Hour National USPAP
39 Hours – Basic Income Capitalization
40 Hours – General Applications

*Choose any of the following for the remaining required hours

40 Hours – Advanced Income Capitalization
40 Hours – Highest & Best use and Market Analysis
40 Hours – Advanced Sales Comparison and Cost Approaches
40 Hours – Course/Exam – Report Writing and Valuation Analysis
40 Hours – Advanced Applications

Step 3 – Take the Real Estate Appraiser exam administered by the state

 After the completion of the work experience and education you may take the state exam. The national examination contains 165 questions and takes approximately six to eight hours to complete (depending on the classification an applicant is seeking to obtain).

Professional appraiser organizations are one of the primary providers of appraisal education. Classes and additional information can also be found at myappraisalinstitute.org

Contact the MD Real Estate Appraisers Commission for questions regarding the licensing process in Maryland at (410) 230-6165.

If looking into becoming an appraiser it should be noted that since the down turn of the market in past years lender requirements have become more stringent, there has been a surge in management companies that handle the delegation appraisal work and fees for reports have declined.

Many appraisers have left this field to pursue other careers due to the additional requirements, additional demands, reduction in fees and stipulations from management companies. The employment outlook for appraisers and assessors of real estate is somewhat low; according to data from the Bureau of Labor and Statistics, employment in this field will only grow by 7% from 2010-2020. The median annual earnings for this field in 2012 were $49,540.

Information obtained from:

-myappraisalinstitute.org,

-appraisers.org

-dllr.state.md.us

-bls.gov