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Definitions of a Few Appraisal Services
Tuesday, September 22, 2015

Last month’s post elaborated on how the duties and professions of appraisers and assessors do differ, along with highlighting some of the ins and outs of these professionals. As the Lexur Appraisal Services team comprises of both appraisers and assessors who dutifully examine numerous properties across Ohio, there is more to each profession than just evaluating properties. Easily accessible through the What We Do page, the list of services Lexur offers covers several facets of the appraisal (and assessment) industry. However, if you’re new to the business, or were looking for some timely information to share on your newsfeed, just being aware of appraiser and assessor lingo isn’t enough; the time has come to learn a few definitions of terms appraisers/assessors use.

Since our company is called Lexur Appraisal Services and not just "Lexur Appraisals," the list of services runs the whole gamut of appraisers’ and assessors’ duties. However, a few terms may sound like Harry Potter speaking Parseltongue to the average Joe. From reappraisals to virtual data verification to obscure acronyms, here are a few definitions for the layman.

GIS
A geographic information system, GIS is a computer system used to complete an appraisal. GIS gives a hint to its definition in its name: this computer system is used to map out geographic areas to allow assessors and appraisers to analyze, manage, and understand all forms of geographical and spatial data.

CAMA Systems
Computer-assisted mass appraisal. An automated system, CAMA is the generic term for this type of computer system. CAMA is used to maintain properties, ensure tax equity, and valuing properties. The four essential features of CAMA include valuation, performance analysis, administration, and data management.

VDV
A cloud-based solution, virtual data verification is used to verify a property’s attributes without having to send an appraiser into the field. Virtual data verification is used as an alternative to on-site inspections. In fact, Lexur Appraisal Services is the industry leader in virtual data verification parcels, with more than 2 million parcels being verified using VDV techniques.

The parameters of various appraisal services vary on requirements from state to state.

As Lexur offers the complete scope of appraisal services, for the everyman and even the curious, future posts will highlight other common terms used by appraisers and assessors.





 
 
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