Career and Education Opportunities for Real Estate Appraisers in Elizabeth, New Jersey
For those living in the Elizabeth, New Jersey area, there are many career and education opportunities for real estate appraisers. Currently, 2,600 people work as real estate appraisers in New Jersey. This is expected to grow 10% to about 2,900 people by 2016. This is better than the national trend for real estate appraisers, which sees this job pool growing by about 4.6% over the next eight years. Real estate appraisers generally appraise real property to determine its value for purchase, sales, or loan purposes.
The income of a real estate appraiser is about $31 hourly or $66,540 per year on average in New Jersey. In the U.S. as a whole, their income is about $22 hourly or $47,370 per year on average. Earnings for real estate appraisers are better than earnings in the general category of Accounting and Auditing in New Jersey and not quite as good as general Accounting and Auditing category earnings nationally. Real estate appraisers work in a variety of jobs, including: commercial real estate appraiser, appraiser, and land appraiser.
There are two schools within twenty-five miles of Elizabeth where you can study to be a real estate appraiser, among 298 schools of higher education total in the Elizabeth area. Given that the most common education level for real estate appraisers is a Bachelor's degree, it will take about four years to learn to be a real estate appraiser if you already have a high school diploma.
CAREER DESCRIPTION: Real Estate Appraiser
In general, real estate appraisers appraise real property to determine its value for purchase, sales, or loan purposes.
Real estate appraisers ready written reports that estimate property values, outline methods by which the estimations were made, and meet appraisal standards. They also search public records for transactions such as sales and assessments. Equally important, real estate appraisers have to inspect properties to review construction and functional layout, and to take property measurements. They are often called upon to photograph interiors and exteriors of properties to help in estimating property value and complete appraisal reports. They are expected to interview persons familiar with properties and immediate surroundings, such as contractors and realtors, to obtain pertinent data. Finally, real estate appraisers examine income records and operating costs of income properties.
Every day, real estate appraisers are expected to be able to see details at a very fine level of focus. They need to read and understand documents and reports. It is also important that they articulate ideas and problems.
It is important for real estate appraisers to draw land diagrams that will be used in appraisal reports to support findings. They are often called upon to testify in court as to the value of a piece of real estate property. Somewhat less frequently, real estate appraisers are also expected to testify in court as to the value of a piece of real estate property.
Real estate appraisers sometimes are asked to evaluate land and neighborhoods where properties are situated, considering locations and trends or impending changes that could influence future values. They also have to be able to examine income records and operating costs of income properties and verify legal descriptions of properties by comparing them to county records. And finally, they sometimes have to ready written reports that estimate property values, outline methods by which the estimations were made, and meet appraisal standards.
Like many other jobs, real estate appraisers must have exceptional integrity and be reliable.
Similar jobs with educational opportunities in Elizabeth include:
- Accountant. Analyze financial information and prepare financial reports to determine or maintain records of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.
- Assessor. Appraise real and personal property to determine its fair value. May assess taxes in accordance with prescribed schedules.
- Auditor. Examine and analyze accounting records to determine financial status of establishment and prepare financial reports concerning operating procedures.
- Budget Analyst. Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations. Analyze budgeting and accounting reports for the purpose of maintaining expenditure controls.
- Compensation / Benefits Specialist. Conduct programs of compensation and benefits and job analysis for employer. May specialize in specific areas.
- Credit Analyst. Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with this credit information for use in decision-making.
- Employment Recruiter. Seek out, interview, and screen applicants to fill existing and future job openings and promote career opportunities within an organization.
- Financial Analyst. Conduct quantitative analyses of information affecting investment programs of public or private institutions.
- Financial Examiner. Enforce or ensure compliance with laws and regulations governing financial and securities institutions and financial and real estate transactions. May examine, verify correctness of, or establish authenticity of records.
- Income Tax Advisor. Prepare tax returns for individuals or small businesses but do not have the background or responsibilities of an accredited or certified public accountant.
- Insurance Adjuster. Investigate, analyze, and determine the extent of insurance company's liability concerning personal, casualty, or property loss or damages, and attempt to effect settlement with claimants. Correspond with or interview medical specialists, agents, or claimants to compile information. Calculate benefit payments and approve payment of claims within a certain monetary limit.
- Insurance Appraiser. Appraise automobile or other vehicle damage to determine cost of repair for insurance claim settlement and seek agreement with automotive repair shop on cost of repair. Prepare insurance forms to indicate repair cost or cost estimates and recommendations.
- Insurance Underwriter. Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
- License Examiner. Examine, evaluate, and investigate eligibility for, conformity with, or liability under licenses or permits.
- Loan Counselor. Provide guidance to prospective loan applicants who have problems qualifying for traditional loans. Guidance may include determining the best type of loan and explaining loan requirements or restrictions.
- Loan Officer. Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
- Personal Financial Planner. Advise clients on financial plans utilizing knowledge of tax and investment strategies, securities, and real estate. Duties include assessing clients' assets, liabilities, and financial objectives to establish investment strategies.
- Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.
EDUCATIONAL OPPORTUNITIES: Real Estate Appraiser Training
CUNY Bernard M Baruch College - New York, NY
CUNY Bernard M Baruch College, One Bernard Baruch Way (55 Lexington at 24th St), New York, NY 10010. CUNY Bernard M Baruch College is a large college located in New York, New York. It is a public school with primarily 4-year or above programs. It has 15,906 students and an admission rate of 26%. CUNY Bernard M Baruch College has a bachelor's degree and a master's degree program in Real Estate which graduated thirty-five and three students respectively in 2008.
New York University - New York, NY
New York University, 70 Washington Sq South, New York, NY 10012-1091. New York University is a large university located in New York, New York. It is a private not-for-profit school with primarily 4-year or above programs. It has 42,204 students and an admission rate of 32%. New York University has bachelor's degree, master's degree, and post-master's certificate programs in Real Estate which graduated sixteen, 199, and 119 students respectively in 2008.
Accredited Rural Appraiser: Appraisals of agricultural enterprises and rural properties demand qualified experts who understand the complexity and intricacy of modern agriculture and today's rural environment.
For more information, see the American Society of Farm Managers and Rural Appraisers website.
Residential Evaluation Specialist: The purpose of the RES (Residential Evaluation Specialist) designation is to recognize professionalism and competency in the valuation of residential property for tax purposes.
For more information, see the International Association of Assessing Officers website.
Personal Property Specialist: The purpose of the PPS (Personal Property Specialist) designation is to recognize professionalism and competency in the valuation of personal property for tax purposes.
For more information, see the International Association of Assessing Officers website.
Certified Investment Management Analyst: The CIMA offers an intense educational experience focusing on asset allocation, manager search and selection, investment policy and performance measurement.
For more information, see the Investment Management Consultants Association website.
Certified Estate Specialist: A Certified Estate Specialist has advanced education in exactly how to deal with the settling of estates, from working with family members to dealing with lawyers and accountants.
For more information, see the National Auctioneers Association website.
REAL ESTATE APPRAISER
Licensing agency: Department of Law and Public Safety
Address: Division of Consumer Affairs, Board of Real Estate Appraisers, PO Box 45032, Newark, NJ 07101
Phone: (973) 504-6480
Website: Department of Law and Public Safety Division of Consumer Affairs Board of Real Estate Appraisers
LOCATION INFORMATION: Elizabeth, New Jersey
Elizabeth is situated in Union County, New Jersey. It has a population of over 124,755, which has grown by 3.5% over the last ten years. The cost of living index in Elizabeth, 140, is far greater than the national average. New single-family homes in Elizabeth are valued at $321,400 on average, which is far greater than the state average. In 2008, eight new homes were constructed in Elizabeth, up from six the previous year.
The three most popular industries for women in Elizabeth are health care, educational services, and accommodation and food services. For men, it is construction, accommodation and food services, and other transportation, and support activities, and couriers. The average travel time to work is about 28 minutes. More than 12.1% of Elizabeth residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 4.2%, is lower than the state average.
The unemployment rate in Elizabeth is 12.4%, which is greater than New Jersey's average of 9.3%.
The percentage of Elizabeth residents that are affiliated with a religious congregation, 65.5%, is more than both the national and state average. First Pentecostal Church, Christ Episcopal Church and Alliance International Fellowship Church are some of the churches located in Elizabeth. The largest religious groups are the Catholic Church, the Presbyterian Church (USA) and the American Baptist Churches in the USA.
Elizabeth is home to the North Elizabeth Station and the Julian Station as well as Kellogg Park and Jackson Park. Visitors to Elizabeth can choose from Hampton Inn Newark-Airport, Centro America Express and Hilton Newark Airport for temporary stays in the area.