Need an Appraiser?
By Pierre Mouchette | Real Property Experts LLC
What is an Appraiser?
An appraiser is an individual who provides objective, impartial, and unbiased opinions about the value of real property. Appraisers assemble the facts, statistics, and other information regarding the property, analyze this data and develop an idea of value. The appraiser must put analytical skills into practice, exercise sound judgment, and communicate effectively. Additionally, the appraiser must have experience, knowledge and be able to exercise professional judgment.
All states require appraisers to be licensed or certified to provide appraisals for federally regulated lenders. The applicant must pass an examination administered by their state’s appraisal board to become licensed or certified.
Congress authorizes the Appraiser Qualifications Board (AQB) of The Appraisal Foundation to establish the minimum requirements for Certified General Real Property Appraisers and Certified Residential Real Property Appraiser classifications. The AQB provides recommended minimum requirements for the Licensed Real Property Appraiser and Trainee classifications. For details on the four categories, go to The Appraisal Foundation website.
Appraisers who become designated members of the Appraisal Institute have gone beyond these minimum requirements. They have fulfilled rigorous education and experience requirements and must adhere to strict standards and a code of professional ethics. The Appraisal Institute currently confers the MAI, SRA, AI-GRS, and AI-RRS designations.
Are There Different Categories of Real Estate Appraisers?
Descriptions for the four categories of Real Estate Appraisers are
More information can be found on The Appraisal Foundation Website
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Hiring an Appraiser?
Before hiring an appraiser, the following are questions that should be asked. Remember, you are hiring the appraiser, and it is your right to ascertain answers before hiring. We have set this up in a question-answer format for your convenience.
Questions to Ask When Hiring an Appraiser
Are you the appraiser who will be performing the appraisal on my property?
Appraiser Name: __________________________________________________
The same questions listed above (1-11) should be asked about the ‘actual appraiser.’