FAQ

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 Applications

Click here for a link to the Maryland Real Estate Appraisers Commission Licensing Requirements.

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
  

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.