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What
is an Appraisal?
Because
much private, corporate, and public wealth lies in real estate, the
determination of its value is essential to the economic well-being of
society. It is the job of the professional appraiser to determine these
values by gathering, analyzing, and applying information pertinent to a
property.
Unquestionably, the professional opinion of the appraiser,
backed by extensive training and knowledge, influences the decisions of
people who own, manage, sell, purchase, invest in, and lend money on the
security of real estate. And because the appraiser is trained to be an
impartial third party in the lending process, this professional serves as
a vital "check in the system," protecting real estate buyers
from overpaying for property as well as lenders from over lending to
buyers.
Appraiser
Qualifications
All states require appraisers to be, at a minimum, state
licensed or state certified. However, the Appraisal Institute encourages
appraisers to go beyond these minimum requirements to earn a professional MAI,
SRPA, or SREA general designation or SRA or RM residential designation.
(Currently, the Appraisal Institute confers only two membership
designations, the
MAI and SRA.)
Appraisal Institute designated members have fulfilled rigorous education
and experience requirements and must adhere to strict industry standards
and a professional code of ethics.
Services
Provided
In our complex society, you may need and use the services
of a professional real estate appraiser for a variety of reasons.
Depending upon an appraiser's
designation
and
qualifications, he or she can provide some or all of these services:
- Appraisals - Residential or Commercial
- Arbitration
- Absorption Studies
- Business Valuation
- Counseling and Consulting
- Condemnations
- Evaluations
- Expert Witness Testimony
- Litigation Preparation
- Cost & Benefit Studies
- Feasibility Studies
- Management Advice
- Market Analysis
- Market Rent & Trend Studies
- Operating Expense Analysis
- Tax Assessment Review and Advice
- Zoning Testimony
Know
Your Rights in the Appraisal Process!
Under the Equal Credit Opportunity Act, your lender must
provide you with a copy of the appraisal report upon your written request.
If you are dissatisfied with any information contained in your appraisal
report, you should contact your lender immediately.
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What is the Appraisal Business all about?
