Licensed Residential Real Property Appraiser

What can I appraise as a Licensed Residential Real Property Appraiser?

A Licensed Residential Real Property Appraiser can appraise one to four (non-complex) residential units with a transactional value of less than $1 million, and one to four (complex) residential units with a transactional value of less than $400,000.

What steps do I need to take?

Step 1: Education requirement: at least 150 hours* of qualifying education: 

• Trainee Real Property Appraiser License or appraiser trainee qualification education (at least 75* hours)
• Residential Market Analysis and Highest & Best Use (15 Hours)
• Residential Site Valuation and Cost Approach (15 Hours)
• Residential Sales Comparison and Income Approaches (30 Hours)
• Residential Report Writing and Case Studies (15 Hours)

*Check with your state to see if additional courses (or criteria) are necessary.

Step 2: Complete 1,000 hours of experience under a supervisor. Be sure to consider our PAREA alternative for gaining your experience.

Step 3: Pass the National Licensed Residential Real Property Appraiser Exam.

Step 4: Pass a background check.

Step 5: Submit your application and fees to your state board.