A lot of information is available on the web related to the real estate appraisal services. If you are about to buy a new home, then a friend of yours might advise you to hire a property appraiser who will check the property and provide you with the details of the actual cost of the property. You may ask, what is a real estate appraiser? He is an expert who will estimate the value (price) of the property based on factors such as location, the age of the building, amenities, neighborhood, structural condition, etc. So, before you hire these property appraisers. You need to know everything about them.
Types of Property Appraisers
There are three types of real estate appraisers. The general appraisers, certified residential appraisers and licensed appraisers. The general appraisers appraise all types of properties. The general appraisers mostly perform commercial property evaluations. The certified residential appraisers perform appraisals only on residential properties. The licensed appraisers cannot perform valuations on all types of properties, for only the ones they are licensed.
Almost every real estate appraiser is licensed. The State issues the license to the appraisers working in the state. The National Database Registry has information on all the qualified appraisers. The AQB (Appraisers Qualifications Board) maintains this database. The database contains the name of the real estate appraisers along with their status. To obtain the license, the real estate appraisers have to train. The Appraisal Subcommittee (ASC) is the federal institution which ensures that every State gives the license only to the real estate appraisers who are eligible.
To get licensed the appraisers have to get basic training (the in-class training), the on-field training and in-office training.
The basic training involves 30 hours of training for basic appraisal principles, 30 hours of training for basic assessment procedures and 15 hours for USPAP. During the in-class training, the appraisers are also taught ethics.
The appraisers have to get 2000 hours of on-field training or 12 months. During the on-field training the appraiser has to:
- Measure the building
- Draw the building structure measurements
- Take photos of inside and outside parts of the building
- Evaluate the building condition
- Evaluate the factors which affect the value of the building such as power lines, train tracks, busy roads, commercial property, etc.
- Evaluate neighborhood
During the in-office training the appraiser has to:
- Read flood maps
- Pull aerial maps
- Look up the ownership information
- Research history of transactions
- Identify the market i.e. whether it is increasing or decreasing
- Look up the zoning information
- Enter the data into a report
The property appraiser is given the license, once the appraiser completes all of the training. If you are looking to buy a new home, make sure that you hire a licensed appraiser. You can search the internet; there you will find a lot of sites which list property appraisers in every City/State. These websites are one of the quickest ways for you to locate the nearest real estate appraiser.