Commercial appraising can be an attractive option for residential valuators, and the field is seemingly growing, as appraisers across the country further enhance their appraisal skills and expand their businesses.
The compiling of reports is unique when it comes to commercial appraisals. Most appraisers prefer to be more detailed and descriptive, which is what a commercial appraisal allows for. Many within the industry agree that the more information an appraiser can supply about the property, the more compliant that report can become.
So, what does the commercial appraiser specifically need to know about compiling his or her report?
“In preparing a report for a commercial property, the appraiser needs to have an understanding of USPAP (Uniform Standards of Professional Appraisal Practice),” Franklin Street Senior Appraiser Rob Baird told Valuation Review. “In order to provide a reliable and credible opinion of value, the appraiser needs to understand the appraisal problem to be solved, correctly determine the highest and best use and the appropriate valuation techniques.”
There is, however, a specific skill set that one needs to master before taking on commercial assignments, or even being offered one. Most experts say that seeking training and additional education is the clear path towards a career in commercial appraising. Qualifications may vary from state to state, but the opportunities are there for those willing to put the work in.
“In Florida, specific requirements for certified general appraisers include successfully completing 300 hours of board-approved courses, covering the topics required by the Appraiser Qualifications Board (AQB),” Franklin Street Senior Analyst and Litigation Services Director George Kane said. “These subjects offered by the AQB are related to real estate appraisal and an unofficial, certified transcript providing proof of a bachelor’s degree.
“Appraisers must pass the General National Exam and the Florida Supplemental Exam,” Kane added. “They also need to submit a completed application, fingerprint card and appropriate fee. On an RE-2300 Form, they need to provide evidence of 3,000 hours of real property appraisal experience obtained during a 30-month period.”
Kane suggests appraisers can gather more information by going to https://www.myfloridalicense.com/DBPR/real-estate-appraisal-board/licensure-information/
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