The barriers to becoming a certified appraiser could lead to shortages in the field, an industry professional has claimed.
“If a young professional is changing careers and looking to get into the real estate industry, the mortgage industry or the appraisal industry, there is a vast variance in requirements,” said Roger Beane, president and CEO of LRES Corp., an appraisal management
company. “The strictest of those requirements is to become an appraiser.”
He foresees a possible shortage in appraisers in the future, which could eventually create a smaller pool of appraisers to call on for a valuation.
Employment of appraisers and assessors of real estate is expected to grow 7% from 2010 to 2020, slower than the average for all occupations, according to the U.S. Department of Labor and Statistics.
Beane says certification generally requires college-level education and extensive apprenticeship work.
The Appraiser Qualifications Board (AQB) of The Appraisal Foundation establishes the minimum education, experience and examination requirements for real property appraisers to obtain a state license. Currently, experience requirements for the Certified Residential and Certified General Classifications are 2,500 hours and 3,000 hours of apprenticeship, respectively.
Those who complete the education have fulfilled rigorous education and experience requirements and must adhere to strict standards and professional ethics, Beane said, but whether enough people are completing the education remains to be seen.
“My concern is what the industry is doing to encourage and create opportunity for young people or for people looking to get into the business,” Beane said.