Top 11 Commercial Real Estate Appraiser Certifications

Certifications for a commercial real estate appraiser are important in the job market because they demonstrate to employers that an individual has the necessary skills and knowledge to competently perform the job. A certification provides employers with reassurance that the appraiser is knowledgeable about appraisal principles and practices, as well as up-to-date on industry standards and regulations. Furthermore, certifications indicate that an appraiser has taken the time and effort to invest in their professional development, which can be attractive to potential employers.

The purpose of this article is to provide an overview of the top certifications for Commercial Real Estate Appraisers and explain how they can help advance a commercial real estate appraiser's career.

What are Commercial Real Estate Appraiser Certifications?

Commercial real estate appraiser certification is a professional credential that is granted to individuals who have demonstrated the necessary knowledge and skills in order to accurately appraise commercial real estate. The certification is typically awarded after the individual has completed a rigorous course of study and passed an exam. This certification helps to ensure that those appraising commercial properties possess the proper skills and knowledge to do so accurately and ethically.

Having this type of certification can help to provide assurance for clients, lenders, investors, and regulators that the appraisal was conducted correctly. It also provides an additional layer of protection for appraisers as it demonstrates their expertise in the field, which can be beneficial when competing for jobs or seeking out new clients. Additionally, having this certification may qualify an individual for certain licensing requirements, depending on their jurisdiction. Finally, having commercial real estate appraiser certification may also allow an individual to provide more accurate cost estimates and higher quality services than those without such credentials.

Pro Tip: To become a certified commercial real estate appraiser, you must pass the Uniform Standards of Professional Appraisal Practice (USPAP) exam and obtain your state license. Additionally, it is important to keep up with continuing education requirements to ensure that your certification remains valid.

Related: What does a Commercial Real Estate Appraiser do?

Top 11 Commercial Real Estate Appraiser Certifications

Here’s our list of the best certifications available to Commercial Real Estate Appraisers today.

1. Certified General Appraiser (CGA)

A Certified General Appraiser (CGA) is a professional who has been certified by the Appraisal Qualifications Board of the Appraisal Foundation. A CGA is qualified to appraise all types of real estate, including residential, commercial, industrial, and agricultural properties. The CGA designation requires extensive education and experience in order to demonstrate competency in the field of real estate appraisal.

In order to become a CGA, an individual must meet certain educational and experience requirements set forth by the Appraisal Qualifications Board. Generally speaking, these requirements include a minimum of 150 hours of college-level coursework in topics such as economics, finance, law, accounting, and appraisal theory; completion of a bachelor’s degree or higher; completion of at least 3 years of full-time appraisal experience; passing two examinations administered by the AQB; and obtaining a license from the state in which they will practice.

The process for becoming a CGA can take anywhere from 6 months to 2 years depending on an individual's background and circumstances.

The cost for becoming a CGA varies depending on the state in which you are applying for licensure. Generally speaking, costs may include application fees, exam fees (which can range from $200-$400), licensing fees (which can range from $50-$500), continuing education courses (which can range from $100-$1,000), and other miscellaneous costs such as textbooks or software.

2. Certified Residential Appraiser (CRA)

A Certified Residential Appraiser (CRA) is a professional appraiser who has been certified by their state to perform residential real estate appraisals. This certification requires that the appraiser meet certain educational, experience and examination requirements set forth by the state in which they are licensed.

It typically takes between one to two years to become a CRA, depending on the state in which you are applying. Requirements vary from state to state but generally include completing an approved appraisal education program, obtaining a certain amount of experience in residential appraisal work, and passing an exam administered by the state.

To get certified as a CRA, you must first complete an approved education program and obtain a certain amount of experience in residential appraisal work. After that, you must pass an exam administered by your state’s licensing board. Once you have passed the exam and met all other requirements for certification, you will be able to apply for your CRA license.

The cost of becoming a CRA varies from state to state but typically includes fees for application processing, exams, continuing education courses and more. In some states, there may also be additional fees associated with becoming a CRA such as background checks or fingerprinting fees.

3. Certified Real Estate Valuation Analyst (CREVA)

Certified Real Estate Valuation Analyst (CREVA) is a professional certification for real estate appraisers and analysts. It is offered by the Appraisal Institute, a professional association of real estate appraisers and analysts. The CREVA credential recognizes an individual's knowledge, experience, and expertise in the field of real estate valuation.

To become certified as a CREVA, individuals must meet certain educational and experience requirements. Applicants must have at least a bachelor’s degree in real estate or related fields from an accredited college or university; have at least three years of full-time experience in real estate appraisal or analysis; pass the Appraisal Institute's National Uniform Examination; complete the Appraisal Institute's CREVA coursework; and complete the Appraisal Institute's CREVA Certification Exam.

The entire process typically takes between 12 to 18 months to complete. The cost of obtaining the CREVA certification varies depending on the courses taken and other expenses such as exam fees and membership dues. Generally, it costs between $2,000-$3,000 to become certified as a CREVA.

4. Accredited Real Estate Appraiser (AREA)

Accredited Real Estate Appraiser (AREA) is a designation given to real estate appraisers who have met the educational and experience requirements of the Appraisal Institute. To become an AREA, an appraiser must complete a minimum of 300 hours of approved real estate appraisal education, pass the National Uniform Licensing and Certification Examination (NULCE), and meet certain experience requirements. The process typically takes two to three years to complete.

To get AREA certification, an appraiser must first register with the Appraisal Institute as a Candidate for Designation. This requires completing an application and paying a fee of $150. Once registered, the candidate must complete at least 150 hours of approved real estate appraisal courses from an accredited institution or provider. After completing these courses, candidates must pass the NULCE exam and submit proof of two years of full-time appraisal experience in order to be eligible for AREA certification.

The cost for AREA certification varies depending on the type of courses taken and other factors such as travel expenses. Generally speaking, it can cost anywhere from $1,000-$3,000 to become certified as an AREA.

5. Certified Commercial Investment Member (CCIM)

Certified Commercial Investment Member (CCIM) is a professional designation awarded by the CCIM Institute, an affiliate of the National Association of Realtors. The CCIM designation is one of the most respected and sought-after credentials in the commercial real estate industry. It is held by more than 9,000 professionals in 30 countries.

The CCIM designation requires completion of an intensive education program, passing a comprehensive examination, meeting experience requirements, and demonstrating professional achievement. The core curriculum focuses on financial analysis and decision-making for commercial real estate investments.

It typically takes two to three years to complete all the requirements for the CCIM designation. To become a CCIM, you must first join the CCIM Institute as a Candidate Member ($495). Then you must complete four required courses (totaling 70 hours of instruction), pass a comprehensive exam, and submit documentation of your experience in commercial real estate transactions.

The cost to become a CCIM depends on how quickly you are able to complete each step in the process. If you take all four classes at once, it will cost approximately $2,500 for tuition plus $495 for membership dues. If you take them one at a time over several years, it will cost more due to additional membership fees and course tuition fees.

6. MAI Designation from the Appraisal Institute

MAI Designation from the Appraisal Institute is a professional credential that is earned by appraisers who have demonstrated expertise in the field of real estate valuation. It is one of the most sought-after credentials in the appraisal industry and is recognized worldwide as a mark of excellence.

To earn the MAI designation, an appraiser must meet certain educational requirements, complete an extensive course of study, pass a comprehensive exam, and demonstrate experience in the field. The Appraisal Institute offers several courses to help prepare for the exam, as well as mentoring opportunities to assist with completing required experience hours.

The process typically takes two or three years to complete. The cost of courses and exams varies depending on where you are located and which courses you take. In addition to course fees, there may be additional fees associated with membership in the Appraisal Institute and other costs related to obtaining your MAI designation.

Once you have earned your MAI designation, you will be able to use it on business cards and other documents that identify yourself as an MAI-designated appraiser. This credential will help distinguish you from other appraisers in your area and can open up new opportunities for career advancement.

7. Licensed Real Estate Broker

A Licensed Real Estate Broker is a professional who has met the requirements set by their state to become a real estate broker. This includes completing a certain number of hours of pre-licensing education, passing an exam, and possibly completing additional continuing education courses.

It typically takes anywhere from four months to one year to get your license as a real estate broker, depending on the state you are in and how quickly you can complete the required courses and exams.

In order to obtain your license, you must first take pre-licensing courses from an accredited school or provider approved by your state’s real estate commission. These courses will cover topics such as property law, contracts, finance, and ethics. Once you have completed all of the required coursework, you must then pass the licensing exam in order to become a licensed real estate broker.

The cost of becoming a licensed real estate broker varies by state but generally ranges between $500-$1,000 for pre-licensing classes and exam fees. Additionally, some states may require brokers to pay additional fees for background checks or other services.

8. Certified Property Manager (CPM)

Certified Property Manager (CPM) is a professional designation for real estate professionals who specialize in the management of residential and commercial properties. The CPM credential is awarded by the Institute of Real Estate Management (IREM), a professional organization that provides education, resources, and networking opportunities to real estate managers.

To become a CPM, an individual must have at least three years of experience in property management and pass an exam administered by IREM. The exam covers topics such as financial analysis, legal issues, operations and maintenance, tenant relations, marketing and leasing, human resources management, and ethics. It typically takes between six months and one year to prepare for the exam.

The cost of becoming a CPM varies depending on the individual's experience level and whether they are already members of IREM or not. For non-members with no prior experience in property management, the cost can range from $1,000 to $2,000; for members with some experience in property management, the cost can range from $500 to $1,000; for members with extensive experience in property management, the cost can range from $300 to $500.

9. International Right of Way Association (IRWA)

The International Right of Way Association (IRWA) is a professional membership association and certifying body for right of way professionals. It was founded in 1934 and is based in the United States. The IRWA provides education, certification, networking, and advocacy for those involved in land rights management, including property appraisers, surveyors, title examiners, engineers, attorneys, and other related professionals.

To become an IRWA member it takes about two weeks to complete the application process. To get started you must fill out an online application form which requires basic information such as name, address, contact details etc. Once your application has been submitted it will be reviewed by the IRWA board of directors who will then decide whether or not to approve your membership.

The cost of joining the IRWA depends on the type of membership you are applying for. Basic memberships start at $50 per year while more advanced memberships can cost up to $500 per year depending on the level of benefits offered.

In addition to annual dues there may also be additional fees associated with obtaining certain certifications from the IRWA such as Certified Right of Way Professional (CRWP) or Certified Right of Way Specialist (CRWS). These fees vary depending on the type of certification being sought but typically range from $100-$200 USD.

10. American Society of Appraisers (ASA)

The American Society of Appraisers (ASA) is a professional organization that provides appraiser education, certification, and accreditation programs. It is the largest international professional association of appraisers with more than 5,000 members in over 70 countries. The ASA also provides consulting services to its members and the public.

In order to become an ASA-accredited appraiser, one must complete a comprehensive educational program that includes coursework in appraisal theory, methodology, and practice as well as an extensive review of the Uniform Standards of Professional Appraisal Practice (USPAP). Once these requirements are met, the candidate must pass a written examination administered by the ASA to obtain their designation.

The entire process typically takes between two and three years depending on individual circumstances. In order to get started on the path to becoming an ASA-accredited appraiser, applicants must first join the ASA by paying a one-time membership fee of $200 USD. After joining, applicants can then register for courses offered by the society or through other approved providers.

Once all course requirements have been completed and passed, applicants will be eligible to take the written exam which costs $300 USD. Upon successful completion of this exam, applicants will receive their designation as an Accredited Member (AM) of the American Society of Appraisers.

11. National Association of Realtors® Designation Programs

The National Association of Realtors® (NAR) Designation Programs are professional development programs that help real estate professionals gain specialized knowledge and expertise in a particular area of the real estate industry. These programs provide education and training to enhance the skills and knowledge of real estate practitioners, enabling them to better serve their clients.

The NAR Designation Programs vary in length and cost depending on the program chosen. Generally, most designations require between 15-30 hours of coursework and can take anywhere from one week to several months to complete. The cost for each designation varies but is typically between $400-$1,000.

In order to obtain a NAR Designation, you must be a member of the National Association of Realtors® and meet certain criteria, such as having a certain amount of experience or having completed specific courses or exams. Once you have met these requirements, you can apply for the designation online through the NAR website. You will then need to complete the required coursework or exams in order to receive your designation.

The NAR Designation Programs are an excellent way for real estate professionals to demonstrate their commitment to excellence by obtaining specialized knowledge and expertise in their field. It is important for agents to stay up-to-date on industry trends and best practices in order to provide their clients with exceptional service.

Do You Really Need a Commercial Real Estate Appraiser Certificate?

Yes, you do need a commercial real estate appraiser certificate. A certified commercial real estate appraiser is an expert in evaluating the value of commercial properties, such as office buildings, shopping centers, and industrial complexes. They are highly trained professionals who have the knowledge and experience to accurately assess the current market value of a property.

A commercial real estate appraiser’s job involves more than just looking at the physical characteristics of a property. They must also consider factors such as zoning laws, tax assessments, environmental regulations, utilities costs and other local economic conditions that can affect a property’s value. The certification process ensures that these professionals have the necessary skills and expertise to provide accurate valuations for their clients.

In addition to ensuring accuracy in their work, having a commercial real estate appraiser certificate carries with it certain professional advantages. It demonstrates to potential employers or clients that you are qualified for the job and can be trusted to provide reliable information about a property’s worth. Additionally, having such credentials may also help you secure better rates from lenders when applying for loans or mortgages related to purchasing or refinancing commercial properties.

Overall, obtaining a commercial real estate appraiser certificate is beneficial if you are interested in working in this field or simply want to make sure your appraisal is accurate and reliable. It will give you an edge over those without such credentials and help ensure that your assessment of a property’s worth is accurate and trustworthy.

Related: Commercial Real Estate Appraiser Resume Examples

FAQs About Commercial Real Estate Appraiser Certifications

1. What certifications do I need to become a commercial real estate appraiser?

Answer: To become a certified commercial real estate appraiser, you must complete the following certifications: Appraisal Institute Designations (MAI and SRA), Certified General Appraiser (CGA), or State Licensed/Certified Appraiser.

2. How long does it take to get certified as a commercial real estate appraiser?

Answer: The amount of time it takes to get certified depends on the level of certification you are pursuing and the requirements of your state. Generally, it can take anywhere from 6 months to 2 years to obtain the necessary credentials and experience needed for certification.

3. What will I learn in commercial real estate appraisal courses?

Answer: Commercial real estate appraisal courses cover topics such as market analysis, cost estimation techniques, report writing, property evaluation techniques, ethics, and more.

4. How much does it cost to become a certified commercial real estate appraiser?

Answer: The cost of obtaining certification varies depending on the program you choose and the fees associated with each course or exam. Generally speaking, expect to pay between $500-$5,000 for all required courses and exams needed for certification.

5. Are there any continuing education requirements once I am certified?

Designation Answer: Yes - all designations require continuing education credits (CE) every two years in order to maintain active status with the organization that issued your designation(s).