Real estate appraisal

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Real estate appraisal

An estimate of the value of property using various methods.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Real Estate Appraisal

The act of estimating the value of real estate by a person licensed to do so. A person performing an appraisal must receive authorization from the appropriate body of the state in which he/she resides. A real estate appraisal may take into account the quality of the property, values of surrounding properties, and market conditions in the area. It is important for determining the property taxes for which the owner is liable, as well as a potential sale price, if the owner wishes to sell his/her property.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
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However, this rule should require use of real estate appraisals prepared by qualified appraisers in accordance with the Uniform Standards of Professional Appraisal Practice, as opposed to tax assessments, to ensure fairness and consistency."
will offer a three-hour Continuing Education seminar entitled "New York State Building Codes and Detrimental Property Conditions that Affect Real Estate Appraisals" at Koenig's Restaurant in Floral Park, NY.
Rivera said that the Al's concerns about the use of phrases "complete" or "limited" when describing the requirements for real estate appraisals when the real estate transaction is over or under $1,000,000 is being reviewed.
The section on real estate appraisals and evaluations and the respective examination procedures and internal control questionnaire were revised to incorporate this October 27, 2003, interagency statement.
Title XI of FIRREA was enacted "to promote the safety and soundness of insured institutions by requiring that real estate appraisals utilized in connection with federally related transactions be performed in writing in accordance with the uniform standards by individuals whose competency has been demonstrated and whose professional conduct is subject to effective supervision." Federally related transactions are any real-estate-related financial transactions that a federal financial institution, regulatory agency or the Resolution Trust Company engages in, contracts for or regulates and that require an appraiser's services.
Likewise, business appraisers, unless otherwise certified, do not have the requisite knowledge, experience, credentials, and training in residential and commercial properties (homes, office buildings, warehouses, and so on) to perform real estate appraisals.
Von Ancken, who has three sons and a teenage daughter, says that two of his children have already followed in his footsteps and became real estate appraisals. However, he hopes that the trend will stop there.
The section on real estate appraisals and evaluations has been updated to incorporate this October 27, 2003, interagency statement.
The revisions include raising the dollar threshold for real estate appraisals in partial release situations, and allowing the Agency to release real estate security without appraising the retained real estate in some cases.
He specializes in real estate appraisals, economic feasibility evaluations investment counseling and transactional services of hotels, resorts and conference centers.
Consideration is also being given to easing formal real estate appraisals for transactions that do not present unusual risk to banks and to increasing the current $100,000 exemption level for all loans.

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