WHAT IS AN APPRAISAL?

A real estate appraisal is an "Opinion of Value" from a state licensed or certified real estate appraiser. The time an appraiser is at your property depends upon the size, complexity and construction of the structure. A small property can take only a short time to photograph, measure and determine condition and aging of the dwelling, or a larger property can take a much longer time to complete the same task.

Once the property has been inspected and evaluated, it is then that the appraisal process begins. Research into market areas, analysis of property information, comparison of data, the appraiser’s personal knowledge and experience and verification of sources must be considered.

Most appraisals are completed on approved forms in writing. Some require a narrative report with additional information not included on a form. All reports look at the basic three approaches to value; the Sales Comparison Approach ... the Income Approach..... and the Cost Approach. If one of the approaches is not included, an explanation of the reason it was left out is required.

Currently, all states require real estate appraisers be state licensed or certified to perform federally insured transactions. Most states require educational backgrounds and continuing education as well as experience, including trainee, apprentice and finally a licenced appraiser to perform valuations for real property. Most states also require a code of professional ethics and strict standards to perform any appraisal assignment.

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Certified General Appraiser
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