|Updated: 4/13/2007 9:48 am
||Published: 4/13/2007 9:48 am
In order to appraise real estate property, appraisers must be licensed or certified by the state. They're usually required to complete a certain amount of real estate course work and acquire hours of supervised appraisal work. Many appraisers receive their training from institutes or organizations that adhere to strict industry standards and a professional code of ethics. Appraisers must be trained to be an impartial third party who protects real estate buyers from overpaying for property as well as protecting lenders from over-lending to buyers. The Appraisal Institute is an organization that encourages appraisers to go beyond state minimum requirements by earning specialized industry certifications. When selecting an appraiser, you should choose a professional who has extensive training and knowledge. They should have strong local ties and connections, and know the community well. For more information on appraiser qualifications, contact a licensed appraiser or a real estate professional.