Property Valuation (alternative)
In Maryland, the state's required minimum education for becoming a licensed residential appraiser includes (as established by federal requirements):
A50 hours of coursework only
B150 hours of qualifying education and 1,000 hours of experience (Trainee), then additional education and experience for full licensure✓ Correct
CA 4-year degree in real estate
DOnly the national exam with no coursework
Explanation
Federal appraiser qualification criteria require trainees to complete 75 hours of qualifying education, then Licensed Residential Appraisers need 150 hours of education and 1,000 hours of experience.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
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