Frequently Asked Questions
Do You Belong to an Appraisal Organization?
2. What is your Experience?
3. What Should I Expect for My Money?
4. What is Your Fee & on What Basis is calculated?
5. What comprises a Real Estate Appraisal?
6. What Makes a Good Appraisal?
1. Membership is important because it shows that the appraiser must adhere to a code of ethics and conduct. In addition to enforcing a code of conduct, the Appraisal Institute (Al) has provided quality educational opportunities and has rigid requirements for advancement and continued membership. Al is a Federally recognized leader in appraisal education and a pioneer and a strong supporter of appraisal reform and licensing laws.
2. Both experience and expertise are important. Federal regulations require that appraisals meet strict criteria and be performed by qualified appraisers.
3. You should receive the service of an educated appraisal expert who will provide you with a formally written and descriptive report which the appraiser is willing to defend in court.
4. It is not ethical to charge a fee based on a percentage or contingency or outcome. The fee should be negotiated.
5. The most visible part of the appraiser's work, the property inspection, is only the tip of the iceberg of what is involved. Before going to the property, the appraiser ' Researches public records data o Obtains a plat map ' Checks the zoning ' Scrutinizes flood hazard data o Researches the sales and listings of similar properties in the immediate area
The data sources may include information from the Multiple Listing Services (MLS), CoreLogic, RealQuest, and CoStar, During the inspection, the appraiser identifies and evaluates structural details, makes drawings of the property and other improvements, and notes the quality of construction and current condition. Interior and exterior photographs are taken.
It is the job of the professional appraiser to determine these values by gathering, analyzing and applying information pertinent to a property.
6. Written appraisals should conform to the Uniform Standards of Professional Appraisal Practice and meet the requirements of the IRS, and/or the local courts. A good report should answer your questions and consider all relevant factors. It should include a correct definition of value that is related to your intended use of the appraisal. You should feel satisfied and confident of the conclusions.