Table Of ContentHow to Get Strategies
to earn a
six-figure
Started salary
in the
Real Estate
Appraisal
Business
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Strategies
How to Get
to earn a
six-figure
Started salary
in the
Real Estate
Appraisal
Business
Daniel J. Nahorney
Foreword by Vicki Lankarge
McGraw-Hill
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DOI: 10.1036/0071463232
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Contents
Foreword vii
Acknowledgments ix
Introduction xi
Part 1: Looking in at the profession 1
1 A five-step process 3
2 So, you want to become an appraiser 7
Work to smooth out the cycles—a conversation with Richard Powers 15
Part 2: From outsider to trainee 19
3 Courses you’ll need to get started 21
It’s a family tradition—a conversation with Jack Miller 25
4 It’s time to find a quality mentor 29
Find a quality mentor—a conversation with Frank O’Neill 33
5 A day in the life of an appraiser 37
Get into the business now—a conversation with George Dell 45
Part 3: Choosing a direction 49
6 Will that be residential, commercial, or both? 51
A fast market in a fast city—a conversation with Julie Burkart 60
7 Becoming an analyst 65
Opportunities abound for appraisers—a conversation with Bruce Kellogg 75
8 Become the appraiser everyone wants to hire 79
A unique market—a conversation with Dave Munsell 82
9 You’ve made it! 87
A great profession for women—a conversation with Anne Johnson 91
Part 4: External forces changing the profession 95
10 Appraisers play key roles in society 97
Right from the start, real estate was for him—a conversation
with Mark Pomykacz 101
v
Contents
11 AVMs—how big a threat? 105
Find a niche—a conversation with Doug Smith 109
12 Staying in or getting out 113
Making the balancing act work—a conversation with Jeff Grendysa 121
Part 5: Appendixes 125
Appendix 1 Who sets the Rules? 127
Appendix 2 Competency Rule 135
Appendix 3 Ethics Rule 139
Appendix 4 Outlines for introductory courses 145
Appendix 5 Licensing changes coming in 2008 149
Appendix 6 Residential appraisal forms 153
Form 1004 Uniform Residential Appraisal Report 154
Form 2055 Exterior-Only Inspection Residential Appraisal Report 160
Form 1004c Manufactured Home Appraisal Report 166
Form 1073 Individual Condominium Unit Appraisal Report 173
Form 1025 Small Residential Income Property Appraisal Report 179
Appendix 7 Where to reach for help in the United States and Canada 187
Appendix 8 Local appraiser regulations 191
Appendix 9 Glossary of real estate appraisal terms 197
Index 217
vi
Foreword
I
know the author of this book pretty well. That’s because Daniel J.
Nahorney is my twin. Well, technicallywe have different mothers and
were born in different years, but we’re twins nonetheless.
This revelation dawned on me slowly. In 2000, we were writing and
editing for a small dot com in West Hartford, Connecticut, when suddenly
the tech sector went bust. Overnight, the company was smaller by a third.
During its prolonged death throes, there was a kind of siege mentality.
Dan and I hunkered down, brainstorming ways to preserve the Web site’s
reputation as one of the most respected consumer insurance information
resources on the Internet. It was a blast.
Although the venture capital disappeared along with the promise of an
IPO, we soldiered on. Our articles appeared on AOL, MSNBC, and CBS
Marketwatch. The Columbia School of Journalism selected the Web site as
a finalist in their first annual Online Journalism Awards for “General
Excellence in Content Original to the Web.” We lost the contest to
Salon.com, but so did the Central Europe Review, CNET News, and
TheStreet.com. It was heady stuff.
vii
Copyright © 2006 by The McGraw-Hill Companies, Inc. Click here for terms of use.
Foreword
This is also when I discovered that Dan and I are actually twins who were
separated in childhood and lived in some freakishly parallel universe. Both of
us are veterans of small town newspapers where we each penned the classic
“Sure Is Hot!” story every July and the “Sure Is Cold!” story every February.
Both of us are competitive. All it takes is for Dan to taunt me with,
“Lankarge, you’ll never get that information,” and I’m off. Within sec-
onds, I have a phone glued to my ear and my browser opened to Google.
Likewise, if you tell Dan something is impossible—like buying his
dream vacation home—stand back! If you look up the word relentlessin
the dictionary, there’s a picture of Dan under the entry.
And both of us love to “talk shop,” especially when it comes to real
estate and home renovations. Long before I wrote What Every Homeowner
Needs to Know About Mold(McGraw-Hill, 2003) and Dan and I partnered
on How to Increase the Value of Your Home(McGraw-Hill, 2004), we rou-
tinely swapped war stories about the home improvements that made us
proud, the ones that were utter train wrecks, and the others that just plain
drove us crazy. In fact, Dan is so enthusiastic about his improvements that
he has left one closet untouched from the days of his home’s previous
owners—just so he can show visitors the truly hideous original décor. He
takes great delight in flinging open the closet door in his living room to
reveal chartreuse and white stripes that narrow to a point on the ceiling
like a miniature circus tent.
Dan’s sense of fun is exceeded only by his depth of knowledge about
the real estate market and home values. In How to Get Started in the
Real Estate Appraisal Business, his ability to network with folks from
the industry infuses his writing with life and wit. This “blood and bones”
approach is what sets this book apart from the rest. There are plenty of
“How to Become a Real Estate Appraiser” books on the market that are
completely devoid of the human touch. This is not one of them.
The real estate appraisal profession is not a cinch to break into, but there
is room for those who are willing to work hard to excel. Dan says leading real
estate appraisers are like other professionals at the top of their games. “They
are smart. They work hard. They demand excellence of themselves.”
I will put aside any sibling rivalry and say Dan oughta know. He’s
describing himself.
Vicki Lankarge
West Hartford, Connecticut
viii
