What does a real estate appraiser do?

What does the work involve day to day?

Most assignments follow the same order. You confirm the property description against public records, then visit the site. You note the condition of the foundation, roof and any renovations, and anything nearby that affects value, such as a view or a busy highway. You photograph the exterior and key interior features. Back at the desk, you compare the property with recent comparable sales, looking at location, view, prior appraisals, lease records and income potential. The report records your research, what you saw and the methods you used to reach a value.

Appraisers usually value one property at a time, and they work in areas they know well so they understand local factors that move prices. Assessors do related work for property tax. Most assessors work for local governments and value whole neighborhoods at once with mass appraisal software. They also have to defend their numbers when owners appeal, sometimes at a public hearing.

Why does USPAP matter, and who are the reports for?

USPAP, the Uniform Standards of Professional Appraisal Practice, is the national standard for appraisal. Congress authorized it in 1989, and the Appraisal Standards Board of The Appraisal Foundation updates it as needed. The most recent update took effect on January 1, 2024. State-licensed and state-certified appraisers must follow USPAP when they appraise for federally related real estate transactions. Federal bank regulators reference Standards 1 to 4 when they apply Title XI of FIRREA.

Lending is the core of the residential business. Federal law requires a state license or certification to appraise for federally related transactions, such as loans from federally insured banks. Many lenders order appraisals through appraisal management companies (AMCs) to keep loan staff out of appraiser selection. AMCs handle ordering, tracking, quality control and delivery. They do not perform appraisals themselves.

Residential versus commercial, staff versus fee

Residential appraisers value homes with one to four units, such as single-family houses and condominiums. Commercial appraisers value income-producing property such as offices, hotels and stores. The pace differs. Residential appraisers spend more time in the field, while a commercial appraiser might spend several weeks analyzing and writing up a single property. Your credential sets your limits. A Certified Residential appraiser can value one-to-four unit homes of any value or complexity. Only the Certified General classification covers all types of real property.

Staff appraisers at banks and mortgage companies mostly work in an office and visit sites only when needed. Self-employed appraisers, often called independent fee appraisers, get paid for each appraisal, so their income can swing widely. They may work more than 40 hours a week. Many take orders as independent contractors on AMC panels. BLS counts about 15 percent of appraisers and assessors as self-employed. Local government employs 41 percent, mostly as assessors.

How is technology changing demand?

BLS expects productivity to rise as mobile tools and automated valuation models let appraisers finish more work in less time. Lenders are also skipping some appraisals. AEI Housing Center data cited by the Appraisal Institute put the combined Fannie Mae and Freddie Mac waiver share at 28 percent in March 2026, well below the peak of nearly 50 percent during the 2021 refinance boom. Waivers cluster in no-cash-out refinances, where about half of loans used one. They are also growing in some higher-leverage purchase loans.

A second change separates the inspection from the analysis. Some AMCs send data collectors to photograph, video and measure a home. The data then goes to an appraiser if the loan still needs an appraisal. Complex properties, purchases and thin markets still lean on full appraisals. BLS projects employment growth of 3 percent from 2025 to 2035, with about 5,200 openings a year, many of them from retirements and people changing careers.

Pay

USD a year, before tax. BLS OEWS May 2025, moved to 2026 with the Employment Cost Index. Ranges run from the 25th to the 75th percentile. The series covers appraisers and assessors of real estate, so it includes tax assessors who mostly work for local governments. It counts employees only, so self-employed independent fee appraisers, whose pay depends on how many appraisals they complete, are left out. Refer to the Appraisal & Valuation salary guide for figures from live adverts.

What you need

• State credentialYou need a state license or certification to appraise for federally related transactions, such as loans from federally insured banks. Your state agency issues the credential, and its rules must be at least as strict as the AQB's Real Property Appraiser Qualification Criteria.
• Qualifying educationCoursework has to match the AQB's Required Core Curriculum and come from a provider your state approves. Certified Residential and Certified General applicants also have to meet college-level education requirements.
• Supervised experienceYou build experience under USPAP in one of three ways: working under a credentialed supervisor, taking approved practicum courses, or completing PAREA, a virtual training program.
• ExamEach credential level requires passing an AQB-approved exam. Certified General applicants have no alternative to passing the exam.
• USPAP complianceLicensed and certified appraisers must follow USPAP on federally related work, including its competency rule.

How to get there

1. Before you startLearn your state's optionsStates do not all offer every level. Some have no Trainee classification, and a few have phased out Licensed Residential. Certified Residential and Certified General are available in every state.
2. StartTrainee AppraiserFinish qualifying education. Then log experience under a credentialed supervisor, through practicum courses or through PAREA. Some states require trainee registration before experience hours count.
3. After education, experience and examLicensed Residential AppraiserWhere your state offers it, this level covers a limited range of one-to-four unit residential work. PAREA can supply all the required experience.
4. Next stepCertified Residential AppraiserLets you value one-to-four unit homes of any value or complexity. It adds college-level education requirements. PAREA can supply all the experience.
5. For commercial workCertified General AppraiserCovers all types of real property, including commercial. It has the highest experience requirement, and PAREA can supply up to half of it.

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Certified Residential Appraiser (Columbus OH)First American · Columbus, Ohio

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Certified Residential Appraiser (Cleveland, Ohio)First American · Cleveland, Ohio

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Sources

1. U.S. Bureau of Labor Statistics: Property Appraisers and Assessors, Occupational Outlook Handbook
2. The Appraisal Foundation: Real Property Appraisal
3. The Appraisal Foundation: USPAP
4. Appraiser Qualifications Board: Real Property Appraiser Qualification Criteria (hosted by Virginia DPOR)
5. Appraisal Institute: Putting Fannie Mae's $3 Billion Appraisal Savings Estimate in Context
6. National Association of REALTORS: Appraisal Management Company Q&A
7. New York Department of State: Appraisal Management Company FAQs
8. National Association of REALTORS: Appraisal Data Collectors