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Q
What is an appraiser?
A
An appraiser is one who develops and reports an opinion of value on
a specific type of property. Appraisers may opt to specialize in
various disciplines such as:
Real
Property appraisal, which is the valuation of real estate. Real
Property appraisers can choose specialties to practice within such
as residential, commercial and agricultural.
Personal Property appraisal, which encompasses all types of
personal property such as fine and decorative arts, antiques, gems
and jewelry and machinery and equipment.
Business Valuation, which is the valuing of businesses including
all tangible and intangible assets ranging from the value of the
equipment to the value of the business name or logo.
Mass
Appraisal which encompasses techniques that are used when valuing
multiple types of real property or personal property using general
recognized formulas.
While most appraisers choose to
specialize in just one area of practice, many appraisers practice in
more than one discipline.
Q
Why
would someone need a home appraisal?
A
It is
required in the loan they are seeking to obtain; To lower the
current taxes on the property; To remove private mortgage insurance;
To establish replacement cost for insurance; To settle an estate;
Negotiate a price when selling or purchasing real estate
Q
What
information is in an appraisal report?
A
Reports
always reflect the estimate of value and must identify all variables
in the report, such as: The client requesting the report; The
intended use of the report; The purpose of the assignment; Type of
the value reported and the definition of the value; The effective
date of the appraisers opinions and conclusions
Relevant property
characteristics, including location, physical attributes, legal
description, economic value, real property value, non real property
value
The appraiser
will also report the following: all leans, easements, restrictions,
encumbrances, leases, reservations, covenants, declarations, special
assessments and items similar in nature.
Q
How do
appraisers assure the value of the report?
A
All
appraisers must ensure that the information analyzed was appropriate
to the subject property, that the report itself was not rendered in
a careless or negligent manner and that the report was supportable
and was communicated in an efficient and timely manner.
Q
What is
the difference between an appraiser and a home inspector?
A An inspection is a third party evaluation of the condition of the
property in question. An inspector evaluates the home as a system,
such as the heating, cooling, interior plumbing, electrical systems,
the rood, insulation, floors, windows, doors, the foundation and the
visible structure. |
