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Become an Appraiser!
To become a real property appraiser, you will need to obtain education and experience, and pass a state-administered licensing or certification exam.
FAQS
About Appraising
How to Become an Appraiser!
Learn more about Appraising!
What is the Appraisal Institute?
What can the Appraisal Institute do for me?
What are the costs of membership?
What does an appraiser do?
How can I get a list of all the courses currently offered in my area?
Need an Appraiser?
Education Related
What your cancellation Policy?
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How to Become an Appraiser!
Click here for a link to the Maryland Real Estate Appraisers Commission Licensing Requirements.
STEP 1
Obtain A Maryland Trainee License
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
Contact the MD Real Estate Appraisers Commission for questions regarding the licensing process in Maryland at (410) 230-6165.
The Maryland Chapter of the Appraisal Institute offers the Appraiser Certification courses quarterly. After successfully completing courses "Basic Appraisal Principles", "Basic Appraisal Procedures" and Course 410 (USPAP) individuals will be able to apply for a trainee license with the Maryland Real Estate Appraisers Commission. The Maryland Chapter of the Appraisal Institute will be offering these courses on a quarterly basis. See the full schedule for the Appraisal Licensure Package Program.
STEP 2
Click here to View Requirements for Becoming a Licensed Real Estate Appraiser
Click here to View Requirements for Becoming a Certified Residential Real Estate Appraiser
Click here to View Requirements for Becoming a Certified General Real Estate Appraiser
Licensing Requirements for Becoming a Licensed Real Estate Appraiser in Maryland
Effective Through December 31, 2005 - Applicant must have completed 90 hours of courses approved by the Commission and compiled at least 2,000 hours of appraisal work experience.
Effective January 1, 2008 - Applicant must complete 150 hours of courses approved by the Commission and complied at least 2,000 hours accrued over a minimum of 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
150 Hours
Licensing Requirements for Becoming a Certified Residential Real Estate Appraiser in Maryland
Effective Through December 31, 2005 - Applicant must have completed 120 hours of courses approved by the Commission and compiled at least 2,500 hours of appraisal work over a period of at least two calendar years (24 months).
Effective January 1, 2008 - Applicant must have completed 200 Hours of courses approved 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 ValuationModeling
15 Hours - Advanced Residential Applications and Case Studies/Part 1
30 Hours - Advanced Residential Applications and Case Studies/Part 2
210 Hours
Licensing Requirements for Becoming a Certified General Licensed Real Estate Appraiser in Maryland
Effective Through June 30, 2005 - Applicant must have completed 180 Hours of courses approved by the Commission; 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 is non-residential real property appraisal work.
Effective January 1, 2008 - Applicant must have completed 300 Hours of courses approved by the Commission; 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 is 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 ApplicationsClick here for a link to the Maryland Real Estate Appraisers Commission Licensing Requirements.
About Appraising?
An appraisal is the act or process of estimating value. It involves research into appropriate market areas; the assembly and analysis of information pertinent to a property; and the knowledge, experience and professional judgment of the appraiser. Generally an appraisal consists of: a legal description of the property; description of the interior and exterior of the property; square footage measurements; listing of comparable properties “as near the subject property as possible;” description of the neighborhood; and information regarding current real estate activity and/or market trends in the neighborhood.
The value indicated by recent sales of comparable properties, the current cost of reproducing or replacing a building, and the value that the property’s net earning power will support are the most important considerations in the valuation of real estate property.
The role of the appraiser is to provide an accurate and impartial, third-party estimate of real estate value – providing assistance to those who own, manage, sell, invest in and/or lend money on the security of real estate.
Well-credentialled appraisers add value to real estate transactions by bringing knowledge, experience, impartiality and trust to the transaction. This helps protect real estate buyers from overpaying for property and lenders from over-lending to buyers. Appraisal Institute-designated members have fulfilled rigorous educational and experience requirements and must adhere to strict standards and a professional code of ethics.
In addition to residential and/or commercial appraisals – and depending upon an appraiser’s designation and qualifications – he or she can provide/assist with some or all of the following:
- Estate planning and estate settlements
- Tax assessment review and advice
- Advice in eminent domain and condemnation property transactions
- Dispute resolution of divorce, estate settlements, property partition suits
- Foreclosures, and zoning issues
- Feasibility studies
- Expert witness testimony
- Market rent and trend studies
- Cost/Benefit or investment analysis, e.g. financial return on remodeling
- Land utilization studies
- Supply and demand studies
What is the Appraisal Institute?
The Appraisal Institute is an international association of more than 18,000 real estate professionals, and 99 chapters throughout the United States, Canada and Abroad. We are the largest appraisal organization in the United States and the acknowledged leader in real estate appraisal education, publishing and research. We offer general and residential designations to qualified members.
What can the Appraisal Institute do for me?
Membership in the Appraisal Institute increases your business potential. We offer the most widely recognized designations in the industry. Members receive regular periodicals with up-to-date information and discounts on all our courses, seminars and publications. Members also have access to group insurance benefits, the Lum Library and research service, and an advocate in government relations on the national and state levels.
Individuals in related fields can gain access to qualified real estate appraisers and consultants across the country through our Find an Appraiser Page or our Directory of Designated Members. Bankers, lawyers, government officials and others who deal with real property transactions can also benefit from our educational programs, publications and periodicals.
What are the costs of membership?
Most members of the Appraisal Institute begin as associate members and pay $310 a year in dues to the national organization and $150 Maryland Chapter dues. National dues for MAIs total $840 plus $175 for Maryland Chapter dues and SRA dues total $740 plus $175 for Maryland Chapter dues . For individuals not pursuing a designation, affiliate membership is available for $19 a year plus $175 Maryland Chapter dues. Check our How to Join Section for additional information.
Additional fees are charged for educational programs and other requirements throughout the designation process.
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What does an appraiser do?
The fundamental role of an appraiser is to provide a professional opinion, usually an estimate of market value, to be used in making real estate decisions. Typically, appraisers are employed by lenders to estimate the value of real estate involved in a loan transaction. Appraisers also provide opinions in litigation cases, tax matters and investment decisions.
Need an Appraiser?
Information for Lawyers
Information for Accountants
Financial
Lenders
Homeowners
How can I get a list of all the courses currently offered in my area?
Please access our Education/Courses page to find out about courses and seminars being offered in Maryland.
What is your cancellation policy?
$50 cancellation 30 days prior to start date; $100 cancellation less than 30 days; less than 11 business days prior to the start date, forfeit all of payment unless a student placement is provided. All cancellations must be submitted in writing via fax 410-752-8295 or e-mail mdai@assnhqtrs.com.
IMPORTANT NOTE
The Maryland Chapter of the Appraisal Institute is a non-profit, member driven organization which provides both qualifying education and continuing education. The chapter is not in the business of providing counseling to those individuals seeking to become a real estate appraiser. The chapter had prepared materials to assist individuals wishing to become an appraiser. The fee is $25, and includes a coupon good towards classes with the Maryland Chapter of the Appraisal Institute.
* It will be necessary to keep an well documented log of hours of appraisal work experience that may be verified by the Real Estate Appraisers Commission.
* Register for and take the pre-licensing exam administered by PSI Examination services. PSI has computerized examination centers located in Baltimore, College Park, Hagerstown and Salisbury. You can find out about qualifying to take the examination and scheduling the examination by contacting PSI at 1-800-733-9267 or go to www.psiexams.com
