The real estate professionals that determine the value of property are known as property appraisers or real estate appraisers. This industry is very heavily regulated and has an oversight at both the federal as well as state level.
There are basically three types of appraisers. The first type is general appraisers who can appraise just about any property and are most likely to work on commercial valuations. Certified residential appraiser is the second type and is the most common appraiser hired by a lender for the purpose of valuing a real estate transaction. Licensed appraiser is the third and final type and has the lowest level of licensing status. He has also gotten less training as compared to a general or certified residential appraiser and as a result has more restrictions on the kinds of property he can value. Real estate appraisers are required to meet a certain criteria and must get classroom education as well as on the job training if they want to get licensed by their state. Federal oversight by the Appraisal Subcommittee is also required for the purpose of licensing.
The classroom training needs to cover basic appraisal principles, basic appraisal procedures as well as a fifteen hour national USPAP. This training can also be completed online. On the field training of 2000 hours over a period of twelve months is required to become a licensed appraiser and on the field training of 2500 hours over a period of twenty-four months is required for the purpose of becoming a certified residential appraiser.