[CaptainRich]

Due to changes in my life, I'm considering pursuing a license as a real estate appraiser in Florida. Has anyone done this recently? What's good? What's not? What can I expect? Tell me your thoughts, etc.

[RichardBondMan]

I only have knowledge of real estate apprasing in AL not FL but essentially you clients will be banks, financial institutions who are granting credit to a homeowner. I am assuming you will enter the field learning to appraise homes not commercial real estate correct? First question you normally will be asked after a few minutes in someone's home is "what do you think it will appraise for" and honestly I don't think you can answer or even guess until you have done several things, first is to visit the home, measure it, noting things such as fireplaces, patios, number of bedrooms, number of baths, construction type, location (if it's in a restrited community perhaps subject to homeonwer's assoc convenants, etc), many many more items that are too numerous to mention here. Next you clients will want details on comparable recent sales of home similar the one you are appraising. If you appraisal comes in too low, then you are a "deal killer" for the real estate agent hoping to make a sale or for the homeowner wanting to refinance, perhaps take equity out of the home but at the same time, your appraisal will be relied upon heavily by your client, the financial institution and if, incorrect, could subject you to legal recourse against you by your client which is not usual as in most professions. There is an apprenticeship that one must serve in most states and until that apprenticeship is over, most appraisers will need to work with an for another licensed appraiser. During times when interest rates are high and there is very little new home construction, expect business to be very slow such as when Jimmy Carter was President in the 80's and interest rates were in the 15 - 18 percent range. I have a brother who has been self employed as a residential real estate appraiser and he has earned a decent living but is not making a fortune. He pays his expenses, health, disability, life and business insurance from his pocket in addition to CPA fees to prepare his taxes. Hope this insight helps you.

[CaptainRich]

Thank you for your insightfulness. I appreciate your input.