Guide to Becoming a Real Estate Appraiser in Nevada

Las Vegas, Nevada Real Estate

Guide to Becoming a Real Estate Appraiser in Nevada

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Nevada's real estate market is still struggling. The state leads the nation in foreclosures and has one of the highest unemployment rates. With these facts in mind you probably do not think getting involved in the real estate business in Nevada would be a very good idea. Think again.

The crazy Nevada real estate market is a prime place for real estate appraisers. The unsettled nature of the market, rash of properties changing owners and number of properties on the market keeps appraisers busy.

In case you don't know what a real estate appraiser does, they are an integral part of a real estate transaction. Lenders require accurate appraisals so in order to determine a properties' realistic price. Without a good appraisal lenders have no basis to ensure the money they loan on the property meets their lending standards.

Appraisers inspect and analyze property, the specific area and the general market to arrive at a value. They take into account the condition of the property and comparable values then arrive at a value range. In Nevada, lenders require appraisals for any properties that need a loan whether you are buying or refinancing.

Nevada appraisers are required to have both an educational background and on-the-job training. An appraisal course approved by the Nevada Commission of Appraisers consists of 75 hours of course work. To enroll you will file an intern application and pay the necessary fees.

After completing the course, you will be required to work under a Nevada certified appraiser for 2,400 hours over a minimum of two years. Remember to keep a log of all of your work hours. After completing training, you will take an additional 75 hours of classes.

When your training and education are complete, you must pass the appraisal exam and submit proof of passing to the Commission of Appraisers. Nevada appraisal licenses are good for two years.

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