Nevada Online Appraisal Classes
Key Realty School has partnered with appraisers from around the country to bring you the highest quality courses, practical knowledge, and hands-on experience to take your appraisal career to the next level.
Achieve your goal at our Nevada Online Appraisal School.
Key Realty School offers many appraisal courses online in partnership with McKissock Learning.
Our appraisal curriculums are approved by the AQB.
You will be taken to our partner McKissock Learning’s website to view courses.
Nevada Appraisal Licensing FAQs
Learn about Nevada appraisal licensing requirements with answers to the most frequently asked questions.
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There is a wide array of clients who use real estate appraisals. For instance, lenders use them for loan collateral purposes; lawyers use them in property disputes, such as divorces; insurance companies use them to assist in determining the value of the property to be insured; and property owners may use them when appealing tax assessments, for estate purposes and estimating a property’s value when buying or selling real estate.
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The primary law governing the practice of real estate appraisal is NRS/NAC 645C. Click here to review NRS 645C – Click here to review NAC 645C
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Federal law requires all individuals appraising properties in a federally related transaction (e.g. a federally insured lender is involved in the transaction) to be either state licensed or certified. In addition, many states have enacted laws that require any real property appraisals to be performed by an individual who is state licensed or certified. Professional appraisal organizations also offer designations that often exceed the minimum requirements of state licensure. Since licensing/certification is required to show minimum competency, designations offer appraisers a way to further demonstrate their knowledge and professionalism.
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Generally, real property appraisers can obtain one of three types of credentials issued by a state. Each credential allows an appraiser to perform assignments within the following parameters:
- State Licensed Appraiser: may appraise non-complex 1-4 family residential units with a value less than $1,000,000 and complex 1-4 family residential units with a transaction value less than $250,000.
- State Certified Residential: may appraise 1-4 family residential units without regard to transaction value or complexity.
- State Certified General: may appraise all types of real property.
Although a license/certification might be obtained, competency in a specific field of expertise is needed. Certain states may have laws that differ from these (AQB) qualification criteria. All appraisers should consult their state laws prior to accepting certain appraisal assignments.
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Each state and territory has a real property appraiser regulatory program. In the vast majority of instances, a board composed of between five and nine individuals governs the program. In addition to issuing licenses and certificates, the board is also responsible for disciplining appraisers.
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The Uniform Standards of Professional Appraisal Practice (USPAP), which are promulgated by the Appraisal Standards Board of the Appraisal Foundation, are the generally recognized performance standards for the appraisal profession. Violation of these standards can lead to disciplinary action by government regulators and appraisal organizations. A copy of USPAP can be obtained from The Appraisal Foundation.
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Professional appraisal organizations offer quality educational offerings and can keep you abreast of technological changes impacting the profession. Many offer “designations” that are awarded when you have completed a certain level of education and experience. These designations allow appraisers to demonstrate a higher level of expertise and specialization. In addition, they can serve as your voice on state and federal government issues. Many appraisal organizations are structured on a “chapter” basis, which allows members to network with their colleagues in a local area.
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Of course, predicting the future is risky business, but the outlook for the appraisal profession is generally positive. Like most professions, the appraisal business is rapidly changing due to technology and globalization of the American economy. It is clear that these changes will open many doors to valuation experts, particularly those with a computer or statistical background. Appraisers are important when the economy is growing and also when it is in recession. Overall there may be fewer appraisers in the future but those who find their niche should be prosperous.
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Currently, the government regulates only real property appraisers. The power of regulation currently rests with the individual states and territories that issue licenses and certificates to real property appraisers. In addition, each individual State Real Property Appraisal Board is responsible for disciplining appraisers.
At this time, there are no immediate plans for the regulation of appraisers who specialize in other types of property.
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The Appraisal Foundation is a non-profit educational organization dedicated to the promulgation of professional appraisal standards and appraiser qualifications for all appraisal disciplines. The Foundation accomplishes this mission through the work of two independent Boards, the Appraiser Qualifications Board (AQB) and the Appraisal Standards Board (ASB).
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The Foundation, through its Appraisal Standards Board, publishes the Uniform Standards of Professional Appraisal Practice (USPAP), which is the generally accepted set of performance standards for appraisers. It is these standards that are enforced by state governments and various professional appraisal organizations. In addition, the minimum qualifications for certain appraisal disciplines are established by the Appraiser Qualifications Board of the Foundation.
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A professional appraisal organization provides appraisers with the opportunity to network with other professionals, to keep abreast of pertinent issues such as regulatory changes and to receive continuing education.
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The process of becoming an appraiser differs according to the various appraisal disciplines. Most appraisers are required to have a certain number of hours of education and experience. In addition, if an appraiser wishes to become state licensed or certified in real property or if an appraiser wishes to become “designated” by an appraisal organization, they must also pass a comprehensive examination.
The Appraiser Qualifications Board (AQB) of The Appraisal Foundation recommends the following minimum criteria for state licensed/certified real property appraisers:
***Click here to examine the current requirements under Nevada law.
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No college is required to activate a registered intern. No degree is required to activate an appraisal license but some college credits will be required. Applicants for the state certified residential and state certified general classifications (statuses higher than licensed) must possess a college degree or complete specific college-courses. (Use the following link for additional information pertaining to the college education requirement for said higher statuses of licensing).
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Students must complete at least 78 Hours of initial appraisal education. The 78 hours of education must include at least 15 hours of USPAP education as well as at least 3 hours of Nevada law. The remaining balance of appraisal education can be taken in any approved appraisal subjects. (Key Realty School’s balance of the 78 hours of education is comprised of Appraisal Fundamentals)
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The state of Nevada requires 78 Hours of Appraisal education before a student can start the internship. The state of Nevada requires 150 Hours of Appraisal education before a student can become licensed. The difference in education is 72 hours, meaning that a student must take the balance of the 72 hours (in any approved appraisal education) before the registered intern can activate an appraisers license. Key Realty School recommends that the balance of education (72 hours) is taken directly before the states examination is given (therefore exam review). Education required by Nevada or other governing bodies may change, thus requiring additional education during the two year internship to activate the license.
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NO. Though there is a state licensing exam, the exam is taken during or after the internship. This is because the appraisal exam must be taken within one year of the activation of the appraiser license, not the internship. (The appraisal license and registered intern are two completely different positions, but the student must complete one to move into the next)
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In order to qualify to take the state examination, you must have completed your qualifying education classroom hour requirement.
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Depending on the classification you are seeking to obtain, the examination is between 100 and 125 questions and takes approximately one to three hours.
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After completing the educational requirements a student would then activate the internship position under an already existing certified or general appraiser.
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Key Realty School can provide students with lists of existing licensed appraisers. Students can then seek out the internship position from this list or through contacts they have made in appraising, mortgage companies or real estate.
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The pay scale is determined by negotiation between the licensed appraiser and the intern. Example: Appraiser “Smith” agrees to pay intern “Jones” $150 per appraisal completed. Appraiser “Smith” will sign off on the “Jones” appraisal to make it valid. Though “Jones” performed the majority of the work “Smith” will also retain $150 for signing off using his expertise.
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One of the best ways to gain experience is to serve as an apprentice or trainee with a state appraiser. Many states offer a trainee classification that formalizes the relationship between the state licensed or certified appraiser and someone who is wishing to become one. (Note: Effective January 1, 2008, state certified appraisers or general appraisers can supervise trainees.) Professional appraisal organizations may also be helpful in assisting with mentor programs.
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Trainee experience can be gained by aligning yourself with a professional, established appraiser as an apprentice or a trainee. Many appraisers work as an apprentice while completing the required education. For real property appraisers, many states have formal trainee programs.
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You will need to contact one of the many professional organizations representing appraisers directly regarding membership and the course of action for designation. The following national appraisal organizations are Appraisal Sponsors of the Foundation:
- American Society of Appraisers
- American Society of Farm Managers and Rural Appraisers
- Appraisal Institute
- International Association of Assessing Officers
- International Right of Way Association
- Massachusetts Board of Real Estate Appraisers
- National Association of Independent Fee Appraisers
- National Association of Master Appraisers
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An appraisal designation is awarded by one of many professional trade organizations that represent appraisers (see listing of Appraisal Sponsors on the back panel). Designations are awarded after an individual has completed a specific course of appraiser training through an organization. Each organization offers multiple designations in differing fields or specialties.
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