Real estate appraising can be a rewarding career that has started to attract more people, however with the number of appraisers retiring, this job has never been in more demand in Kentucky. The average age of an appraiser is 58. In time it is possible to make six figures per year while being their own boss?
Getting that real estate appraiser license is not really an easy feat and you will be met with many uphill battles along this journey. It takes 2,000 hours of experience to become a licensed appraiser. In some other states, potential appraisers spend a minimum of between 18 and 24 months to obtain these hours, depending on the state.
Some of the question you may want to ask yourself is;
* What type of appraiser do I want to be Residential or Commercial?
* How much do you already know about real estate?
If you can answer these questions, you’re on your way.
In Kentucky there are three License Levels:
* License Residential
* Certified Residential
* Certified General
Here are a few basics that you will need;
* Find a mentor
* Register with the Kentucky Appraisers Board
* Complete your required real estate appraisal educational courses
* Fulfill your experience hours under a certified appraiser
* PASS THE REAL ESTATE APPRAISAL EXAM
In Kentucky, however, appraisers can gather them in just 12 months! As a result, they can spend extra time in getting their license. However, there may be quite a large number of people who may not know how to become a licensed real estate appraiser in Kentucky. There are some specific requirements that you would need to fulfill, much of this depending on what type of real estate you plan to get into.
How to Become a Real Estate Appraiser Trainee in Kentucky
Before you obtain any other license level in this career, you have to get your trainee license. This is the first step that you’ll need to take to become a licensed appraiser in Kentucky. These will include a variety of educational and basic requirements, although these shouldn’t be as difficult as you have in mind.
Qualifying Education (90 hours):
Alongside this, you’ll need to provide proof of your lawful residence in the United States alongside a copy of your criminal history. Typically, you will also need to pay a $125 fee. Apart from them, you shouldn’t need anything else to become a licensed trainee appraiser in Kentucky.
How to Become a Licensed Real Estate Appraiser in Kentucky
If you are not going to get a Residential or Commercial license, don’t bother getting this one. You still need to get your trainee license first before you obtain this useless license. Therefore, you need to follow the steps mentioned above before moving on. But again, for the purpose of educating the public, here are the classes that you need to obtain this level of license.
Experience: 2,000 hours of acceptable appraisal experience. The fastest this can be done is one year (although most people take longer).
College Education: This is the only license level that does not need any sort of college education or college classes.
After you’ve completed the requirements stated above, you would need to contact the Kentucky Real Estate Appraisers Board and set up a time to pass your appraisal exam. There is normally a fee of around $125 to take this test.
How to be a Residential Real Estate Appraiser in Kentucky
This is the license level that you would want to get if your goal is to be a residential real estate appraiser in Kentucky. The difference between a licensed real estate appraiser and a residential one is massive. With this license level, you can appraise almost any residential property in the USA and your income will be significantly higher too. To get this license, you’ll need all of the same things mentioned above, plus an extra 500 hours of experience. You’ll also need at least a Bachelor’s degree or higher. You should also be able to pass a state exam and pay a $125 fee. If you do not have a degree, the number of approved course hours required in getting this license will increase significantly.
How to be a Residential Real Estate Appraiser in Kentucky
This is the license level that you would want to get if your goal is to be a residential real estate appraiser in Kentucky. The difference between a licensed real estate appraiser and a residential one is massive. With this license level, you can appraise almost any residential property in the USA and your income will be significantly higher too. To get this license, you’ll need all of the same things mentioned above, plus an extra 500 hours of experience. You’ll also need at least a Bachelor’s degree or higher. You should also be able to pass a state exam and pay a $125 fee. If you do not have a degree, the number of approved course hours required in getting this license will increase significantly.
Qualifying Education (200 hours)
USPAP – 15 hours
College Education: You have a few options here.
Easiest route: CLEP exams equivalent to the 30 college hours needed.
Hardest route: Bachelor’s Degree (does not matter the major)
Most popular route: Associate’s Degree in something like economics, real estate, or business.
Most people don’t know this, but if you obtain your licensed residential appraisal license (the worthless one) and keep it in good standing, you can upgrade to a certified residential after 5 years without doing anything in college or taking any exams.
How to be a Kentucky Certified General Appraiser (Commercial Real Estate)
It’s no secret that commercial real estate appraisers make a LOT of money. A commercial appraiser can appraise anything. There are no limits. With this comes great responsibility and as you can imagine, it is much harder to achieve. The certified general license is for commercial real estate appraisers. There is no limit on this license and appraisers can appraise whatever they want! Though due to the lack of restrictions, as you can imagine, the requirements are much harder.
A commercial appraiser can appraise anything. There are no limits. With this comes great responsibility and as you can imagine, it is much harder to achieve. The Certified General license is for commercial real estate appraisers. There is no limit on this license and appraisers can appraise whatever they want! Though due to the lack of restrictions, as you can imagine, the requirements are much harder.
Experience: 3,000 hours of acceptable appraisal experience. You cannot finish these hours in less than 2.5 years. At least half of this experience must be commercial (non-residential).
College Education: Bachelor’s degree required
How Much Do Real Estate Appraisers Make In Kentucky?
This is perhaps one of the most common questions that many people have about the profession. There can be quite a large number of factors at play here, which means that there may not be a fixed answer. However, there are different income ranges that people should expect once they’re fully licensed appraisers and understand how much appraisers make. Typically, you should expect to earn anywhere between $41,083 and $69,416 per year once you’re licensed. There will be a variety of factors in KY that will affect this, including the city that you live in, and how long you’ve been working in the niche. Alongside this, several other things will play a role in how much you could earn, including:
This could mean that it’s recommended that you work on obtaining as many certificates and skills as possible. While you may not be able to get all of this at the start of your career, they will add up significantly over the following years. Coupled with your growing experience, this will naturally mean that you’ll see your salary go up massively within a few years of starting. Much of this is similar to many other professions, so you’ll need to spend a considerable amount of time making sure that you obtain as many certificates and qualifications related to the niche as possible. While you shouldn’t expect to get rich quickly as a licensed real estate appraiser in Kentucky, it should prove to have quite a high income. With the ever-growing possibility of a larger salary in the future, this should mean that you’ll start seeing a noticeable change in your income over time.
At Urban Coalition of Appraisal Professionals, we keep a close eye on the latest trends and developments in the urban real estate market, ensuring that our training programs are always up-to-date and relevant.
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