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Log In. The requirements for licensing have become more strict over the years.

Role of Appraisals in Commercial Real Estate via Appraisal Institute

Between and , Illinois did not have a trainee level and could do work unsupervised without experience. Originally, an appraiser needed 75 hours of coursework to become licensed. To become Certified Residential, it required hours of education to become Certified General the requirements are hours of education. The criteria has increased over the years and in , new education criteria were adopted to take effect in It includes mimimum national requirements that each state much implement.

Appraisers will need hours for Certified Residential and hours for Certified General. For more information, please visit the State of Illinois Appraisal division website or the Appraisal Foundation website and search for '08 Qualification criteria changes. Qualifications of Appraisers: Professional Designations. There are dozens of professional organizations that appraisers may choose to join or associate with, all of which differ in membership requirements.

However, they all have something in common: continuing education requirements and admonishment procedures for violating ethics and standards.

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The credible organizations offer professional designations that are awarded upon successful completion of appraisal courses with comprehensive examinations, proof of macys coupon code experience through personal interviews with admissions committees who verify the candidate's experience, and a demonstration appraisal report which could be compared to a master's thesis. Once designated, an appraiser typically must participate in continuing education programs. These organizations have agreed to adhere to the Uniform Standards of Professional Appraisal Practice, which have been established by the Appraisal Foundation and adopted by various federal agencies.

These standards must also be adhered to by all state licensed or certified appraisers. There are other appraisal organizations that require limited or no education or practical experience, no re-certification, and no ethical expulsion provisions. Currently, the Appraisal Institute offers only two membership designations, the MAI and SRA , while the other designations are a result of a unification of two organizations that merged into the Appraisal Institute.

The National Association of Independent Fee Appraisers is another organization awarding professional designations beyond state licensing. Designated members of both the Appraisal Institute and the National Association of Independent Fee Appraisers have fulfilled rigorous education and experience requirements, obtained a college degree or its equivalent, and must adhere to strict industry standards and a professional code of ethics. The American Society of Appraisers awards the ASA designation to its members specializing in the appraisal of real estate.

The American Society of Appraisers also has members who specialize in the appraisal of machinery, equipment, intangible property, and personal property.