When rates are low, residential and commercial purchases together with mortgage refinancing can cause an almost frenzied demand for appraisals. When rates increase substantially, or the economy sputters, real estate activity usually declines, and few appraisals are needed. Layoffs may then occur in appraisal staffs, and independent appraisers may at least temporarily leave the field. Government employment is less sensitive to economic cycles, but growth there is all but stagnant. Most employers offer benefits including paid vacations, sick leave, holidays, retirement, and health plans.
Life insurance is available at group rates.
Some also offer profit-sharing plans and pay for books, seminars, and association fees. Some employers furnish cars, while others reimburse appraisers for private car use. The normal workweek is 40 hours, however, evening and weekend work are often necessary. Schedules of independent appraisers are considerably more variable. Appraiser experience and satisfactory scores on an examination are needed to be certified, but college education may be substituted for a portion of the experience requirements.