A qualified appraiser should either:
- Have a recognized appraiser designation from a generally recognized professional appraiser organization for demonstrated competency in valuing the type of property being appraised.
OR
- Have met certain minimum education requirements and has 2 or more years of experience in valuing the type of property being appraised. To meet the minimum education requirements, the individual must have successfully completed professional or college-level coursework in valuing the type of property.
If the appraiser is qualified by their education the education must be from one of the following:
- A professional or college-level educational organization
- A generally recognized professional trade or appraiser organization that regularly offers educational programs
- An employer as part of an employee apprenticeship or education program similar to professional or college-level courses.
Appraiser must also:
- Regularly prepares appraisals for which they are paid.
- Make a declaration in the appraisal that, because of their experience and education, they are qualified to make appraisals of the type of property being valued.
- Specifies in the appraisal the appraisers education and experience in appraising the type of property being valued.
- Must complete Part IV of Form 8283 (if more than one appraiser is used or more than one contributes to the appraisal they all must sign the Form 8283.
