| 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. |
