An appraiser is someone who makes a determination of the value of an asset using several standards. There is considerable demand for people to make a personal property appraisal in Minnesota. They are being called upon by insurance companies, the IRS, other government agencies, mortgage lenders, law firms, museums and private collectors. It is rare to find one appraiser who has the skills to set a value on anything; appraisers have a tendency to specialize in a certain area.
Types of appraisers:
A real estate appraiser can appraise private residential property, commercial property and farms. A person who does a personal property appraisal in Minnesota can appraise automobiles, artwork, jewelry, antiques and full collections. A business appraiser determines the value of a business entity, including all the assets. He can assess the value of a brand name as well. Any appraiser must be very thorough, analytical and a good communicator.
Real Estate appraisers:
The only appraisers that need to be licensed by the state are those who deal with real estate. Although appraisers of personal property and businesses do not have to be licensed, if they want to enhance their credibility, they can gain accreditation from one of a number of organizations that have training modules for people in the field or those who wish to join the field. There is an Appraisals Qualification Board that sets the standards that real estate appraisers must meet for state licensing.
This foundation, AQB, recommends a certain level of experience based on the type of property that the appraiser wishes to specialize in. A licensed residential appraiser will need to have 2,000 hours working with a licensed appraiser and 90 hours of classroom education. To move up from a licensed appraiser to a certified residential appraiser his total experience must equate to 2,500 hours with 120 hours in the classroom. The final step is to become a certified general appraiser which simply means that he is skilled at appraising all property, including business, to reach this level he requires 3,000 hours of experience and a total of 180 hours of education. As the individual hits these various levels, he must sit a new exam each time.
Although a college degree is not a necessity to become a real estate appraiser, there are some appraisal organizations that grant higher designations to those who are degree holders. Every state sets its own standards as regards experience hours and classroom hours, but those noted are generally acceptable.
For anyone who wishes to be able to conduct personal property appraisal in Minnesota, the biggest part of the process is gaining the number of experience hours. Working as an apprentice alongside a licensed appraiser is really worth far more than the classroom hours.
Personal property appraisers in Minnesota are often brought in by History Bound. The company specializes in offering antiques, jewelry, stamps and collectables through its web portal.
