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Career and Education Opportunities for Real Estate Appraisers in Madison, Wisconsin

Many educational and employment opportunities exist for real estate appraisers in the Madison, Wisconsin area. There are currently 1,910 working real estate appraisers in Wisconsin; this should grow by 14% to about 2,180 working real estate appraisers in the state by 2016. This is better than the nation as a whole, where employment opportunities for real estate appraisers are expected to grow by about 4.6%. 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 $23 hourly or $48,300 per year on average in Wisconsin. In the U.S. as a whole, their income is about $22 per hour or $47,370 per year on average. Earnings for real estate appraisers are not quite as good as earnings in the general category of Accounting and Auditing in Wisconsin and not quite as good as general Accounting and Auditing category earnings nationally. Real estate appraisers work in a variety of jobs, including: engagement director, certified real estate appraiser, and residential real estate appraiser.

There are two schools within twenty-five miles of Madison where you can study to be a real estate appraiser, among thirteen schools of higher education total in the Madison area. Real estate appraisers usually hold a Bachelor's degree, so you can expect to spend about four years studying to be a real estate appraiser if you already have a high school diploma.

CAREER DESCRIPTION: Real Estate Appraiser

Real Estate Appraiser video from the State of New Jersey Dept. of Labor and Workforce Development

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 Madison 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.
  • 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.
  • 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.
  • 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

University of Wisconsin-Madison - Madison, WI

University of Wisconsin-Madison, 500 Lincoln Dr, Madison, WI 53706-1380. University of Wisconsin-Madison is a large university located in Madison, Wisconsin. It is a public school with primarily 4-year or above programs. It has 41,581 students and an admission rate of 63%. University of Wisconsin-Madison has a bachelor's degree and a master's degree program in Real Estate which graduated twenty-six and sixteen students respectively in 2008.

Madison Area Technical College - Madison, WI

Madison Area Technical College, 3550 Anderson St, Madison, WI 53704. Madison Area Technical College is a large college located in Madison, Wisconsin. It is a public school with primarily 4-year or above programs and has 14,553 students. Madison Area Technical College has an associate's degree program in Real Estate which graduated eleven students in 2008.

CERTIFICATIONS

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.

LICENSES

APPRAISER, REAL ESTATE

Licensing agency: Dept of Regulation & Licensing
Address: Business & Design Professions Bureau, 1400 E. Washington Ave, P.O. Box 8935, Madison, WI 53708-8935

Phone: (608) 266-5511
Website: Dept of Regulation & Licensing Business & Design Professions Bureau

LOCATION INFORMATION: Madison, Wisconsin

Madison, Wisconsin
Madison, Wisconsin photo by Dori

Madison is situated in Dane County, Wisconsin. It has a population of over 231,916, which has grown by 11.5% in the past ten years. The cost of living index in Madison, 86, is well below the national average. New single-family homes in Madison are valued at $243,800 on average, which is near the state average. In 2008, one hundred forty-eight new homes were constructed in Madison, down from three hundred seventy-four the previous year.

The top three industries for women in Madison are educational services, health care, and finance and insurance. For men, it is educational services, professional, scientific, and technical services, and accommodation and food services. The average travel time to work is about 18 minutes. More than 48.2% of Madison residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 20.9%, is higher than the state average.

The unemployment rate in Madison is 5.2%, which is less than Wisconsin's average of 7.7%.

The percentage of Madison residents that are affiliated with a religious congregation, 52.5%, is more than the national average but less than the state average. Gates of Heaven Synagogue, Abundant Life Church and Grace Episcopal Church are some of the churches located in Madison. The most common religious groups are the Catholic Church, the Evangelical Lutheran Church in America and the United Methodist Church.

Madison is home to the Allen Centennial Gardens and the Annie C Stewart Memorial Fountain as well as Bordner Park and Brigham Park. Shopping centers in the area include Brookwood Village Shopping Center, Whitney Square Shopping Center and Walnut Grove Shopping Center. Visitors to Madison can choose from Comfort Inn Madison, Howard Johnson-Plaza Hotel and Country Inn Sts Madison for temporary stays in the area.