The many real estate transactions that take place in the state of Maryland each month require knowledgeable individuals to determine the fair market value of that real estate. Banks are willing to lend money to home buyers, but only if these homes are worth the money borrowed. Homeowners want to borrow money against their price. . All of these residential units use realtors appraisers who are licensed by the Marial Commission of Real Estate Appraisers and Home Inspectors.
In Maryland, there are four distinct levels of real estate licensing, each with its own license and certification mandate. These degrees are “Trainee Appraiser” and “Certified General Real Estate Appraiser.”
Every applicant for both of these steps must meet the following requirements:
• Applicant must be at least 18 old.
• The applicant must be of good character and reputation.
• The applicant must meet the current training and experience requirements for each level of licensure.
• The applicant must successfully complete the Board examination.
Each of the four levels of licensing requires a different level of approved education.
• Trainee estimator must pass the written status examination after receiving 75 hours of approved status course within five years from the real evaluation tables exam.
• An Elector Licensed Residential Appraiser must pass an approved board exam after having studied 90 hours in a state-approved course. The 75 hours of on-the-job training for a Trainee Appraiser will count toward the 90 hours required for a licensed residential Appraiser.
• A Certified Residential Appraiser must successfully pass an approved 120-hour course, of which 90 hours can be adjusted to 120 hours for a Licensed Residential Appraiser.
• A Certified General Appraiser must successfully complete 180 hours of approved coursework. All previously earned hours for any other license types may apply to complete the required 180 hours. Additionally, all candidates for licensure as certified general appraisers must complete a 30-hour advanced course in the appraisal of nonresidential properties.
In addition to training requirements, appraiser candidates must complete a certain number of hours of experience.
• Appraiser Trainees no experience required. They must work under the direct supervision of a licensed real estate agent in order to gain experience. for licensure as a licensed residential Appraiser.
• Applicants for a residential Appraiser license must have a minimum of 2,000 hours of appraisal experience.
• Applicants for a Certified Appraiser license must have a minimum of 2,500 hours of appraising experience.
• Applicants for a Certified General Appraiser license must have a minimum of 3,000 hours of appraisal experience of which at least 1,500 hours must include non-residential appraisals, and must include appraisal experience that demonstrates an understanding of income.
All residential real appraisers’ licenses must be renewed after the third year of the license and every three years. As a condition of license renewal, all active license holders must complete continuing education requirements such as the following:
• Continuing education courses or seminars must be at least 42 school hours in length.
• Six of those school hours must be National Uniform Standards From the Appraisal Practice Course, which is established by the Appraiser Qualification Board (AQB) of the Appraisal Foundation.
Report:
- Maryland Commission of Real Estate Appraisers and Home Inspectors: www.dllr.state.md .us/< /a>
