What is an appraisal? An appraisal is a professional appraisers opinion of value. The preparation of an appraisal involves research into appropriate market areas; the assembly and analysis of information pertinent to a property; and the knowledge, experience and professional judgment of the appraiser. What is the role of the appraiser? The role of the appraiser is to provide objective, impartial and unbiased opinions about the value of real propertyproviding assistance to those who own, manage, sell, invest in and/or lend money on the security of real estate. What qualifications must appraisers have? At minimum, all states require appraisers to be state licensed or certified in order to provide appraisals to federally regulated lenders. However, appraisers who become designated members of the Appraisal Institute have gone beyond these minimum requirements. They have fulfilled rigorous educational and experience requirements and must adhere to strict standards and a code of professional ethics. The Appraisal Institute currently confers the MAI are experienced in the valuation of commercial, industrial, residential and other types of properties. The SRA professional membership designation is held by those who are experienced in the analysis and valuation of residential real property. How do well-credentialed appraisers add value to real estate transactions? They bring knowledge, experience, impartiality and trust to the transaction. In so doing, they help their clients make sound decisions with regard to real property. What are the components of an appraisal report? Most appraisals are reported in writing, although in certain circumstances, an appraiser may provide an oral appraisal. A written appraisal report generally consists of: a description of the property and its locale; an analysis of the "highest and best use" of the property; an analysis of sales of comparable properties "as near the subject property as possible"; and information regarding current real estate activity and/or market area trends. When hiring an appraiser, what types of questions should I ask? The following questions would be appropriate: Are you licensed or certified in the state in which you live? What professional designations do you have and from what groups? How long have you been in practice? What level of experience do you have in this particular market and with this type of property? Are you familiar with property in this neighborhood? What types of clients have you had (homeowners, estates, lenders, relocation companies)? When in need of an appraiser, why should I hire a member of the Appraisal Institute? Appraisers who hold Appraisal Institute professional designations have met stringent educational requirements, have considerable professional experience and adhere to strict standards of professional practice that exceed those required by state or federal law. Moreover, Appraisal Institute designated members participate in continuing education programs including those that emphasize the most-up-to-date valuation techniquesmaking them the preferred source for high-quality appraisal services. For more information regarding the Appraisal Institute, its members, programs and services, call 312-335-4140, via e-mail at info@appraisalinstitute.org, or visit our Web site at www.appraisalinstitute.org. Appraisal Institute, 550 W. Van Buren St., Suite 1000, Chicago, Illinois 60607 T 312-335-4100 F 312-335-4400 Today and throughout its 70-year history, the Appraisal Institute is the leading organization for professional real estate appraisers. Through its extensive educational programs, the Appraisal Institutes more than 18,000 members are skilled in the up-to-date methods of real estate valuation for commercial and/or residential properties. Reflecting their unbiased and objective approach to real property appraisal and analysis, members of the Appraisal Institute adhere to a strictly enforced Code of Professional Ethics and Standards of Professional Appraisal Practice. Appraisal Institute members may hold the prestigious MAI, SRPA and SRA designations. The Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state, and local laws. Copyright @ 2002 Appraisal Institute. An Illinois Not For Profit Corporation. All rights reserved. andard SFR)
.............. $150 Field Review (standard SFR)
.. $250 |
