Unlocking Potential: The Role of Professional Property Appraisers

A property appraiser is an expert whose professional opinion on the value of a property can significantly impact real estate transactions. States across the U.S. offer at least two main certifications for real estate appraisers: Certified General Appraiser and Certified Residential Appraiser. Here’s an in-depth look at the requirements and distinctions between these designations.

Certified General Appraiser

A Certified General Appraiser is qualified to appraise any type of property—commercial or residential. This designation requires extensive education, experience, and the successful completion of a written examination.

Example: A company planning to buy a commercial property enlists a Certified General Appraiser to determine its market value and ensure the investment makes economic sense.

Certified Residential Appraiser

A Certified Residential Appraiser specializes in the valuation of residences with up to four units and vacant lots. This certification similarly requires meeting rigorous standards of education and experience and passing a written examination.

Example: When seeking a mortgage, a homeowner contacts a Certified Residential Appraiser to establish the market value of their single-family home.

Additional Certifying Bodies and Professional Organizations

Several reputable organizations provide further professional designations and training:

• Appraisal Institute: Known for awarding the MAI (general income properties) and SRA (residential) designations.
• American Society of Appraisers
• International Association of Assessing Officers
• International Right of Way Association
• National Society of Real Estate Appraisers
• National Association of Master Appraisers
• American Society of Farm Managers and Rural Appraisers

Practical Applications of Appraisers

Appraisers are essential in numerous contexts, such as court hearings, real estate transactions, and insurance assessments. They might also be called upon for expert testimony or to support financial decisions with their specialized knowledge.

Example: In a court of law, an appraiser may be called to provide expert testimony about the value of a contested estate to support the judgements handed down by the court.

FAQs

What does a property appraiser do? A property appraiser conducts thorough evaluations of properties to determine their market value, factoring in location, condition, market trends, and comparable property sales.

How do you become a Certified General or Residential Appraiser? Requirements usually include specific education qualifications, documented professional experience, and successfully passing a written examination.

Why are appraisers important in real estate transactions? Their accurate assessment helps in setting property prices, obtaining financing, and providing credibility and legal backing in cases requiring dispute resolution.

Related Terms: real estate appraisal, property value, certified appraiser, MAI, SRA, property market analysis