Real Estate Appraiser Salary in Michigan
| Annual Salary | Hourly Wage | |
|---|---|---|
| Top Earners | $105,809 | $51 |
| 75th Percentile | $85,800 | $41 |
| Average | $79,105 | $38 |
| 25th Percentile | $66,300 | $32 |
How many appraisers are in Michigan?
The Board works with the Department to oversee the practice of approximately 6,011 limited real estate appraisers, state licensed appraisers, certified general appraisers and certified residential appraisers.
What do you mean by appraisal?
How do I renew my Michigan appraiser license?
Renew your license online now at www.michigan.gov/mylicenserenewal. By renewing online, you may expect to receive your renewed license by mail within 5 to 10 business days, if all renewal requirements have been met. You must use a MasterCard, Visa or Discover credit card or e-check to renew online.
What type of appraiser makes the most money?
Licensed real estate appraisers earn between $35,000 and $85,000 per year, more if taking on management positions. Certified residential appraisers make, on average, $10,000 more than licensed real estate appraisers. Certified general appraisers make, on average, $25,000 more than licensed real estate appraisers.
How long does it take to become a real estate appraiser in Michigan?
No college-level education required. Complete 1,000 hours of experience over at least a 6-month period. Pass the required examination administered by PSI Services, LLC (PSI). Complete 200 hours of approved prelicensure appraiser education including 15 hours in a National USPAP course.
How do I become a certified general appraiser in Michigan?
Michigan Appraisal: Certified General
Experience: 3,000 hours of acceptable appraisal experience in no less than 18 months. A minimum of 1,500 hours of the required experience must be in non-residential appraisal work. College Education: Must have a Bachelor's degree or higher.
Frequently Asked Questions
How long does it take to become a real estate appraiser in michigan?
No college-level education required. Complete 1,000 hours of experience over at least a 6-month period. Pass the required examination administered by PSI Services, LLC (PSI). Complete 200 hours of approved prelicensure appraiser education including 15 hours in a National USPAP course.
How do I become a certified general appraiser in michigan?
Michigan Appraisal: Certified General
Experience: 3,000 hours of acceptable appraisal experience in no less than 18 months. A minimum of 1,500 hours of the required experience must be in non-residential appraisal work. College Education: Must have a Bachelor's degree or higher.
How much does it cost to appraise a house in Michigan?
The average Michigan home appraisal cost is between $250 – $400 for traditional, full-scale appraisals. You can consult with your lender or real estate agent to determine which type of appraisal is a good choice for you. We recommend a traditional appraisal because it provides the most accurate valuation.
What do appraisers look for when determining a property's value?
A qualified appraiser creates a report based on an in-person inspection, research into recent sales of similar properties, current market trends, and the details of the home, including its size, condition, floor plan, and amenities. The borrower usually pays the appraisal fee, which averages $300 to $450.
FAQ
- How do I get my Michigan appraisal license?
- Appraisal Licensing Michigan
- Obtain Your Michigan Limited Real Estate Appraiser License.
- Complete Your Appraiser Education.
- Conduct Your Appraisal Work Experience.
- Pass the National Uniform Licensing & Certification Examination.
- Submit Your Application for Michigan State Licensed Real Estate Appraiser.
- How much does an appraisal cost in Michigan?
The average Michigan home appraisal cost is between $250 – $400 for traditional, full-scale appraisals. You can consult with your lender or real estate agent to determine which type of appraisal is a good choice for you. We recommend a traditional appraisal because it provides the most accurate valuation.
- Is land recorded at appraised value?
The appraised value is an attempt to determine the property's current market value. The appraisal report for real estate will usually report the appraised value of the land separate from the appraised value of the structures.
- How do you determine a property's appraised value?
How do home appraisers in California determine the value of a house? The short answer is, they compare each property to similar homes that have sold recently in the same area (subtracting or adding value as needed). Based on this evaluation, the appraiser will determine an estimate value for the home.
How do i become a real estate appraiser in michigan
| What is the best appraisal for vacant land? | The most common approach that appraisers use to determine the value of vacant land is looking at sales comps, which are similar properties in the area that have recently sold. To ensure that they're making accurate comparisons, appraisers usually assess the highest and best use of the land first. |
| How do you price a piece of land? | California land is priced per acre. An acre measures 43,560 square feet, and a square mile contains about 640 acres. How much is an acre of land worth in California? On average, you can expect to pay about $5,000 to $12,000 per acre. |
| How much is land worth in Michigan? | The 2021 average Michigan farm real estate value, including land and buildings, averaged $5,300 per acre, according to Marlo D. Johnson, Regional Director of USDA, NASS, Great Lakes Regional Office. Farm real estate values in Michigan were up 7.1 percent from 2020. |
| What three things determine the value of land? | Three Factors That Determine Land Value
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- How long does it take to become an appraiser in Michigan?
No college-level education required. Complete 1,000 hours of experience over at least a 6-month period. Pass the required examination administered by PSI Services, LLC (PSI). Complete 200 hours of approved prelicensure appraiser education including 15 hours in a National USPAP course.
- How long does it take to become a property appraiser in California?
150 hours
150 hours, covering specific modules including the 15-hour National USPAP Course (or its equivalent as determined by the Appraiser Qualifications Board (AQB). All initial Trainee applicants must also complete the following approved courses prior to obtaining a license: Supervisory/Trainee Appraisers course.
- Is being an appraiser stressful?
Stress. Appraisers have a huge job of trying to appraise a property fairly. The stress of making sure that they are choosing the "right" appraisal value can be stressful and some people dislike that aspect. Difficult clients.
