A Commercial Real Estate Appraiser determines the market value of commercial real estate property. There are a number of actions that a RE appraiser must take in order to obtain that value, and he / she may have to defend that value in court. The following is a brief job description and education requirements of a quality experienced commercial real estate property appraiser.
Commercial Real Estate Appraisal License Requirements
The Bureau of Real Estate Appraisers, which is part of California’s Department of Consumer Affairs, posted the requirements to become a licensed Commercial Real Estate Appraiser. The highest level of awarded is that of Certified General (C.G.) – which David Collins is. The requirements for C.G. are:
Education: 300+ hours, including 15-hour National USPAP Course; Bachelor’s degree or higher. All applicants must complete an approved state and federal laws course prior to obtaining a license.
Experience: 3,000+ hours and more than 2.5 years (30 months) of which 1,500 hours must be non-residential.
Scope of Practice: All real estate transactions regardless of value or complexity.
David R. Collins has over 40 years of experience.
Commercial Real Estate Appraiser Job Description
– Appraisal, analysis, and review of commercial real estate property.
– Value commercial class properties, using sales analysis, market trend studies, income and expense analysis and replacement cost online services, etc.
– Evaluate features where properties are situated, considering locations and trends or impending changes that could influence future values.
– Verify zoning classification and examine spatial patterns, such as traffic, employment centers, shopping centers,
and other neighborhood features in order to evaluate their impact on property values.
– Use current technology and standard non-tech practices to collect, process, and report data.
– Inspect properties to collect and evaluate construction characteristics, condition, special features, and
functional design. Take property measurements and sketch exterior of property. Photograph interiors and exteriors of properties to assist in estimating property value, substantiate findings, and complete appraisal reports.
– Obtain market data for comparative analysis of rents, expenses, occupancy, capitalization rates, financial data etc. Process relevant data on comparable transaction properties to aid in the estimation of appraised values. Collect and analyze income and operating expense statements.
– Prepare written reports that estimate property values, outline methods by which the estimations were made, and meet
Uniform Standards of Professional Appraisal (USPAP).
– Educate property owners on assessment value, and be able to defend property value at appeal hearings.