What Exactly Does an Appraiser Do?
Wednesday, December 17, 2014
While most
everyone knows that real estate agents are the people that show and sell homes,
the ins and outs of an appraiser’s job may not be as well known. As an
appraisal services organization, Lexur Appraisal definitely knows definitively
what appraisers do. Whether you just wanted to know more or are interested in
the profession, we have the answers to your questions.
A good start in
knowing what an appraiser actually does is knowing what an appraisal is. An
appraisal does not just apply to homes; it applies to many forms of properties,
including businesses. The short definition is that an appraisal is the
estimated value of a property as established by a professional. Pretty
straightforward, right? But there are a great many factors that go into the
estimated value of a property. Landscape, location, structure and even
appliances are all taken into consideration during a home appraisal. Factors
are similar in appraisals on other properties. However, these factors can vary
from homes to apartment buildings to industrial sites to shopping plazas and to
farms.
While you may be
thinking I could provide an estimated
value of my property!, there are qualifications and requirements that go
into being a professional appraiser. Like real estate agents, appraisers must
have licenses to do their jobs. This license or other form of certification
required in your state demonstrates that an appraiser is qualified to do
his/her job. If you’re interested in becoming a professional appraiser, look
into your own state’s board or regulatory agency to see what the specific
requirements are. In Ohio, to become an appraiser, you typically need an
associate degree or higher, or 30 credit hours in the following subjects: business,
economics, communication, finance, mathematics and real estate law. Along with this Ohio requires you to
have 2,000 experience hours in no less than 24 months preceding application. Appraisers must take an exam to become
certified, but the requirements can differ from state to state. Authorized by
Congress, The Appraisal Foundation is a foundation that establishes what the
minimum requirements are for all types of certified appraisers. Descriptions on
what the minimum requirements are and what the types of appraisers are can be
found on The Appraisal Foundation’s website.
During a property
assessment, an appraiser will walk through the property, including the outdoor
areas, and determine the overall condition to give it an estimated value. Location,
age, structure and comparable properties are all taken into consideration
during this procedure. As there is a code of ethics for appraisers, the
judgment of the property should always be bias-free. The length of the
appraisal process varies depending on what property is being looked at and how
large the property is. Professional appraisers are needed for various tasks
such as mortgage lending purposes, assessments, neighborhood updates and
negotiations between buyers and sellers, among other duties. What are the
specifics we do at Lexur Appraisal? There are far too many to list here, but
any type of appraisal or any service associated with appraisals is available
from us. Visit our What We Do page to see the complete list.
Though these are
just the basics of what an appraiser does, there are many other facets to the
profession as well. As there are certified residential appraisers and certified
general real estate property appraisers, among other titles, the exact roles of the
job may differ from person to person and from state to state. Though this
position may be less well known than that of a real estate agent’s the job is
every bit as important to the real estate world.
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