Licensing is required for any federally related transactions (those overseen by entities such as Fannie Mae or Freddie Mac) over $250,000, but each state is allowed to decide if licensure is mandatory for any other appraisal needs.
In Ohio, there are three types of licenses a potential candidate can acquire: licensed residential, certified residential, and certified assistant. After becoming an appraiser assistant, the following minimum requirements are required to achieve an appraiser’s license: 75 additional education hours, 2,000 experience hours in no less than 24 months (training received from a licensed appraiser), and a passing grade (70 percent or higher) on a state exam.
It is our opinion that in order to provide more reliable appraisal reports and gain public trust, Ohio should pass legislation to require licensure for real estate appraisers.
Denise E. Wright C. Scott Bernard
Centerville