I am currently taking classes in Basic Real Estate Appraisal in Colorado. I have two friends who wish to become appraisers in the near future. They are concerned, however, that past mistakes may prevent them from becoming licensed (registered initially). One friend was convicted of shoplifting 20 years ago as a teen, but has been responsible and upstanding since. The other friend is a great person too, but used to "run" with the wrong crowd. He has a felony on his record (Receiving stolen goods I believe) approximately 6 years ago. He has worked for me in the past, and was an tremendous asset to my company. I know both these people well, and I believe that both would be terrific appraisers. I am trying to help them find out what is possible/allowed before they invest in training, etc... Do they need to call someone to ask whether they will be permitted to earn a license? If so, who should they call? Thank you for your time.
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- Thread starter Bill
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Dee Dee
Elite Member
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- Jan 16, 2002
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- Certified Residential Appraiser
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- Colorado
Bill,
If I were you I would ask your class instructor. I can't remember if disclosure of prior convictions was a part of the application process for becoming registered, though I believe it was, and probably should be.
Have you found a mentor yet?
If I were you I would ask your class instructor. I can't remember if disclosure of prior convictions was a part of the application process for becoming registered, though I believe it was, and probably should be.
Have you found a mentor yet?
Dee Dee
Elite Member
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- Certified Residential Appraiser
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Bill,
What general area of Colorado are you in?
Finding a mentor will probably be more difficult than taking classes. Don't quit your day job, as you will most likely be working on a commission and only if the mentor has work that they can spare. You'll be doing that for a couple of years or until you get in a minimum of 2000 hours and pass a certification level which will enable you to work on your own.
I'd start pounding pavement now to find an appraiser who wants an apprentice. Perhaps some of the other Colorado appraisers will jump in here, but I believe that one of them mentioned that only about 25% of those who get their registered appraiser license actually make it to becoming certified. Most drop out due to the low pay or because they can't find a mentor at all and have to seek other employment. This is something that, unfortunately, is not mentioned in the textbooks. Several appraisers that I know who have larger offices tell me that they get at least a couple of people a week who are seeking employment as an appraiser, often they offer to work for free just to get their foot in the door.
What general area of Colorado are you in?
Finding a mentor will probably be more difficult than taking classes. Don't quit your day job, as you will most likely be working on a commission and only if the mentor has work that they can spare. You'll be doing that for a couple of years or until you get in a minimum of 2000 hours and pass a certification level which will enable you to work on your own.
I'd start pounding pavement now to find an appraiser who wants an apprentice. Perhaps some of the other Colorado appraisers will jump in here, but I believe that one of them mentioned that only about 25% of those who get their registered appraiser license actually make it to becoming certified. Most drop out due to the low pay or because they can't find a mentor at all and have to seek other employment. This is something that, unfortunately, is not mentioned in the textbooks. Several appraisers that I know who have larger offices tell me that they get at least a couple of people a week who are seeking employment as an appraiser, often they offer to work for free just to get their foot in the door.
I am in Colorado Springs. I appreciate your feedback. I don't expect it to be easy, but I am determined to succeed. I know I have what it takes (except experience) to become a good appraiser. When I look at my classmates, I can already sense which people will likely succeed and which people will have a tougher time making it. Those I would guess will succeed represent roughly 20-25% of the class. Perhaps the numbers you note above are reasonable. We shall have to see how it goes. Again I appreciate your feedback. I find this forum to be helpful.
Bill
Dee Dee
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Bill,
Best of luck to you. I pounded pavement for almost a year before I finally found a mentor. Being a middle-aged female with teenagers at the time, I found that most appraisers were looking for younger single people to take on as apprentices. Persistance DID pay, though. The one thing I knew I had going for me was endurance, and fortunately my husband had a job that could carry us through until I could get established.
One of the things that I would highly recommend is that you stay in touch with your classmates, especially those which you feel are that select 25% group and who you get along well with.
Best of luck to you. I pounded pavement for almost a year before I finally found a mentor. Being a middle-aged female with teenagers at the time, I found that most appraisers were looking for younger single people to take on as apprentices. Persistance DID pay, though. The one thing I knew I had going for me was endurance, and fortunately my husband had a job that could carry us through until I could get established.
One of the things that I would highly recommend is that you stay in touch with your classmates, especially those which you feel are that select 25% group and who you get along well with.
Terry Russell
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Bill,
I am looking down the same tunnel. I was directed to this post that I am reposting here. And there is another by Doug Smith under the topic Getting Started (Newbies). I thought this one was a pretty good idea.
TE Lawrence
Aspiring Forumite
Joined: 16 Jan 2002
Posts: 27
Location: Ohio (Northeast)
Posted: Tue Feb 19, 2002 6:32 pm Post subject:
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Do not give up your day job. I've been at this 5.5 years now, and just went full time last June. Until then at times I thought I was working 3 jobs and only getting paid for one, however, an education does cost money. I figured my first 2-3 years was just that...an education.
Every states rules differ a little. But, I think there is no rule that says you have to do appraisals under a supervisor...as long as those appraisals are for no one but you and your state certification process. Here's how you can gain some hours, but there is no pay and no boss or supervisor.
Get a computer, a digital camera, take the appraisal classes, and get some appraisal software. (some software you can get on 30 day free trials...try several before you make up your mind.) Join your local board of realtors as an affiliate member. Get the MLS books. Go to an open house, explain what you are doing. Write an appraisal on this house. It goes no where but your file. Do a couple, then call an appraiser and offer to buy lunch if they would critique your work. Take your work back to one of your appraisal class instructors with the same offer. Suggest you start with the 2055 form...do several then progress on to the 1004. The 1004 is a ittle more complex in filling out. Each of these reports ought to be worth 5-10 hours of experience. My 1st 3-4 reports I know took 20 hours each. 5 hours was getting chewed out for making mistakes, 5 hours was spent driving back to the inspection site and comps 2 or 3 times because I overlooked something. I bet if you did enough of these, you could walk into an appraiser with some completed reports and they just might pick you up as a trainee, because you have already proven you can stick to it and you are determined. Better you help them, than their competition.
Good luck!
_________________
TE Lawrence
In what way will the country be better because you lived?
Good Luck to you Bill.
(Is Fountain, Colorado still there? I spent the summer of 1971 in Fountain. I was a garbageman. oooooh aaaaah.) Terry
I am looking down the same tunnel. I was directed to this post that I am reposting here. And there is another by Doug Smith under the topic Getting Started (Newbies). I thought this one was a pretty good idea.
TE Lawrence
Aspiring Forumite
Joined: 16 Jan 2002
Posts: 27
Location: Ohio (Northeast)
Posted: Tue Feb 19, 2002 6:32 pm Post subject:
--------------------------------------------------------------------------------
Do not give up your day job. I've been at this 5.5 years now, and just went full time last June. Until then at times I thought I was working 3 jobs and only getting paid for one, however, an education does cost money. I figured my first 2-3 years was just that...an education.
Every states rules differ a little. But, I think there is no rule that says you have to do appraisals under a supervisor...as long as those appraisals are for no one but you and your state certification process. Here's how you can gain some hours, but there is no pay and no boss or supervisor.
Get a computer, a digital camera, take the appraisal classes, and get some appraisal software. (some software you can get on 30 day free trials...try several before you make up your mind.) Join your local board of realtors as an affiliate member. Get the MLS books. Go to an open house, explain what you are doing. Write an appraisal on this house. It goes no where but your file. Do a couple, then call an appraiser and offer to buy lunch if they would critique your work. Take your work back to one of your appraisal class instructors with the same offer. Suggest you start with the 2055 form...do several then progress on to the 1004. The 1004 is a ittle more complex in filling out. Each of these reports ought to be worth 5-10 hours of experience. My 1st 3-4 reports I know took 20 hours each. 5 hours was getting chewed out for making mistakes, 5 hours was spent driving back to the inspection site and comps 2 or 3 times because I overlooked something. I bet if you did enough of these, you could walk into an appraiser with some completed reports and they just might pick you up as a trainee, because you have already proven you can stick to it and you are determined. Better you help them, than their competition.
Good luck!
_________________
TE Lawrence
In what way will the country be better because you lived?
Good Luck to you Bill.
(Is Fountain, Colorado still there? I spent the summer of 1971 in Fountain. I was a garbageman. oooooh aaaaah.) Terry
Ross (CO)
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Bill, a good suggestion for helping your friends "find out" if their previous life experiences are a detriment to their attaining a first license as a Registered Appraiser.......would be......for your friends to call the State Appraisers Board office in Denver and ask THEM !, or if they find themselves in the city, to stop by and introduce themselves to that office and get their questions answered face-to-face. I know that background checks have been intensified, and false information placed on applications, which is discovered later to be false, is a bigger no-no. The state already has on it's plate the detriment of non-licensed loan originators practicing their trade here (one of 2 states only ! ) , and the Appraiser Board just wants to be sure that they can do their part to protect the public ! Best wishes.
Dee Dee
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- Colorado
Bill,
When your friends go to apply for Errors and Omissions Insurance, one of the sections on the application specifically asks if the applicant has ever been charged with a felony. Not sure if that means they'll be uninsurable or if they'll be paying much higher premiums. Whatever the case, they won't be able to land any decent clients, if any at all, without having E&O insurance coverage.
When your friends go to apply for Errors and Omissions Insurance, one of the sections on the application specifically asks if the applicant has ever been charged with a felony. Not sure if that means they'll be uninsurable or if they'll be paying much higher premiums. Whatever the case, they won't be able to land any decent clients, if any at all, without having E&O insurance coverage.
Larry Lyke
Senior Member
- Joined
- Feb 2, 2002
Bill --
Do 2 things:
-- Contact the Colorado state department that issues appraisal licenses and ask for an application form.
-- Contact an E&O insurance company and find out if they will issue you insurance. (You can operate without E&O if you don't own anything. You won't get sued unless you have assets. The first thing an attorney does is estimate your net worth before suing you.)
Do 2 things:
-- Contact the Colorado state department that issues appraisal licenses and ask for an application form.
-- Contact an E&O insurance company and find out if they will issue you insurance. (You can operate without E&O if you don't own anything. You won't get sued unless you have assets. The first thing an attorney does is estimate your net worth before suing you.)
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