Title: How to Become an Appraiser in Missouri: A Comprehensive Guide
Introduction:
Appraisers play a crucial role in the real estate industry by determining the value of properties. In Missouri, aspiring appraisers are required to meet certain educational and licensing requirements to practice legally. This article aims to provide a step-by-step guide on how to become an appraiser in Missouri, highlighting the necessary qualifications, training, and licensing requirements. Additionally, a Frequently Asked Questions (FAQs) section is included to address common queries regarding this profession.
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Step 1: Understand the Different Appraiser Levels:
In Missouri, there are different levels of appraiser classifications, namely:
1. Trainee Appraiser: This is the entry-level position that allows individuals to gain experience under the supervision of a certified appraiser.
2. Licensed Residential Appraiser: This level permits appraisers to appraise non-complex residential properties without limitations in transaction value or complexity.
3. Certified Residential Appraiser: Appraisers at this level can appraise residential properties, including those with multiple units, without transaction value limitations.
4. Certified General Appraiser: The highest level of appraiser classification, allowing professionals to appraise all types of real property without any restrictions.
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Step 2: Meet the Educational Requirements:
To become an appraiser in Missouri, candidates must meet specific educational prerequisites for each level. The following are the minimum requirements:
– Trainee Appraiser: Complete 75 hours of pre-licensing education from an approved provider.
– Licensed Residential Appraiser: Complete 150 hours of appraisal education, including 15 hours of a National USPAP (Uniform Standards of Professional Appraisal Practice) course.
– Certified Residential Appraiser: Complete 200 hours of appraisal education, including 15 hours of a National USPAP course.
– Certified General Appraiser: Complete 300 hours of appraisal education, including 15 hours of a National USPAP course.
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Step 3: Gain Practical Experience:
To become a licensed or certified appraiser in Missouri, practical experience is mandatory. The requirements are as follows:
– Trainee Appraiser: Complete a minimum of 2,000 hours of appraisal experience over a period of at least 12 months.
– Licensed Residential Appraiser: Accumulate a minimum of 2,500 hours of appraisal experience over a period of at least 24 months.
– Certified Residential Appraiser: Acquire a minimum of 2,500 hours of appraisal experience over a period of at least 24 months.
– Certified General Appraiser: Accumulate a minimum of 3,000 hours of appraisal experience over a period of at least 30 months.
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Step 4: Pass the Appraiser Exam:
After fulfilling the educational and experience requirements, aspiring appraisers must pass the state-approved examination. The exam tests the candidate’s knowledge of appraisal principles and practices. It is essential to thoroughly review the exam content and study materials to increase the chances of success.
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Step 5: Apply for Licensure:
Once the exam is successfully completed, applicants can apply for licensure through the Missouri Real Estate Appraisers Commission. The application requires submission of educational transcripts, experience logs, exam scores, and the appropriate fees. Applicants should ensure that all documentation is complete, accurate, and meets the commission’s guidelines.
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Step 6: Continuing Education:
To maintain their licenses, appraisers in Missouri must complete continuing education (CE) courses. Licensed Residential and Certified Residential appraisers must complete 28 hours of CE every two years, while Certified General appraisers must complete a minimum of 42 hours in the same time frame. Ensuring compliance with CE requirements is crucial to maintaining an active appraiser license.
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FAQs:
Q1: How long does it take to become an appraiser in Missouri?
A: The time required to become an appraiser in Missouri varies based on the level of certification. Trainee appraisers can complete the process in around one year, while Certified General appraisers may take up to four years.
Q2: Can I become an appraiser without a college degree?
A: Yes, although a college degree is not mandatory, completing the required appraisal education and gaining practical experience are crucial for obtaining licensure.
Q3: What is the average salary of an appraiser in Missouri?
A: According to the U.S. Bureau of Labor Statistics, the average annual wage for appraisers and assessors of real estate in Missouri is approximately $60,000.
Q4: Are there any additional requirements for out-of-state appraisers?
A: Out-of-state appraisers can apply for a reciprocal license. However, they must meet specific requirements and provide documentation proving their qualifications and experience.
Q5: How often do appraiser licenses need to be renewed?
A: Appraiser licenses in Missouri must be renewed every two years. Renewal requires the completion of the required continuing education hours and payment of the renewal fee.
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Conclusion:
Becoming an appraiser in Missouri requires dedication, education, experience, and passing the state-approved examination. By following the step-by-step guide outlined in this article, aspiring appraisers can navigate the licensing process successfully. As with any profession, maintaining a strong commitment to continuing education and staying updated with industry trends and regulations is vital for a successful career in real estate appraisal.