What is a(n) real estate appraiser and what do they do???

Question

Please give an exact answer

Answer 1

A real estate appraiser is a professional who forms an opinion of value for a piece of real estate. They utilize three approaches to form their opinion:

1) The cost approach (where the appraiser estimates the land value, adds development costs and entrepreneurial profit and recognizes any deductions for deferred maintenance and obsolescence).

2) The sales comparison approach (this is the approach that most non-appraisers are familiar with, where the appraiser utilizes sales comparables of similar properties and makes appropriate adjustments)

3) The income approach (where the appraiser recognizes the income potential of the property and typical expenses and estimates value through direct capitalization, discounted cash flow or both).

Appraisals can be written or verbal. Written appraisals can be done in a the following formats: form (most common with residential properties), summary or self-contained (more common with commercial properties).

The job task of an appraiser is not solely limited to preparing appraisal reports. Appraisers can also provide consultation services (i.e. feasibility analysis, market analysis, court testimony etc.) or work as a review appraiser (where they solely review the appraisal work prepared by other appraisers).

As a result of congressional action, all states require appraisers to be state licensed or certified. In most states, there are three or four licensure levels (some states do not have a trainee license)

1) Trainee - Works under a licensed appraiser to obtain the necessary experience hours to become a fully licensed appraiser.

2) Residential - Can appraise 1-4 unit residential properties up to a maximum transaction value of $1 million and non-residential properties up to a maximum transaction value of $250,000.

3) Certified Residential - Can appraise all 1-4 unit residential properties (regardless of transaction value) and non-residential properties up to a maximum transaction value of $250,000.

4) Certified General - Can appraise all types of real estate.

The Appraisal Foundation (http://www.appraisalfoundation.org/s_appraisal/index.asp) sets the minimum requirements for appraisal licensure; however, education and experience requirements for licensing does vary from state-to-state (some require more than the minimums set by the Appraisal Foundation).

Those who desire their appraiser license should contact the state agency for current and future licensing requirements within their state. In addition, they should contact the Appraisal Foundation to educate themselves on the upcoming changes to the education requirements that will become effective January 1, 2008.

In addition, the Appraisal Institute (http://www.appraisalinstitute.com/) encourages appraisers to surpass the minimum requirements and earn a professional designation (SRA or MAI). Designated members of the AI must have fulfilled rigorous educational and experience requirements and are compelled to adhere to strict industry standards and a professional code of ethics.

Answer 2

A real estate appraiser is someone who has obtained a license by taking the proper courses (90 hours of qualifying education in the state of West Virginia), and has logged in 2,000 experience hours. ( You start out as being an apprentice) Once you have done this you can apply for a Licensed Residential License. time There are 3 categories. The lowest being a Licensed Residential Appraiser 90 hrs qualifying education hours and 2000 experience hours, second a Certified Residential Appraiser 135 qualifying education hours and 2500 experience hours, and third and higest a Certified General Appraiser 180 education hours and 3000 experience hours, who can appraise all types of real estate property. Beginning January 1, 2008 the reguirements to become licensed are going to change drasticly. A Certified Residential and Certified General will have to have a 2 year college degree as well as more qualifying education. Experience hours as well as qualifying hours will change as well. You can contact the appraisal foundation to get the exact specs. Only licensed individuals can appraise a home or business/and federal related transactions.

Answer 3

A real estate appraiser in Washington is someone who has taken the proper courses of education and who is properly licensed to determine the market value of your home or property.
Typically employed by lending institutions to determine value which in turn allows the lending institution to determine loan to value ratio.