Appraiser

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Appraiser

A person licensed to estimate the value of a property. The appraiser may take into account the quality of the property, values of surrounding properties, and market conditions in the area. One becomes licensed or certified as an appraiser generally through education, testing and work experience, though the specific requirements vary by state.

appraiser

One who performs appraisals of real or personal property.The various associations and organizations for real estate appraisers include:

• Appraisal Institute (www.appraisalinstitute.org). Offers the designation MAI, among others.

• National Association of Independent Fee Appraisers (NAIFA) (www.naifa.com). Founded in 1961.

• National Association of Master Appraisers (NAMA) (www.masterappraisers.org). Founded in 1982. It offers three designations: Master Residential Appraiser; Master Farm and Land Appraiser, and Master Senior Appraiser.

• National Association of Real Estate Appraisers (NAREA) (www.iami.org/NAREA/home.cfm). Founded in 1966.

• National Association of Review Appraisers and Mortgage Underwriters (NARA/MU) (www.iami.org/NARA/home.cfm). Founded in 1975.

• National Society of Real Estate Appraisers (www.nareb.com/affiliates/society_appraisers.shtml).

• American Society of Farm Managers and Rural Appraisers (www.asfmra.org).

Appraiser

A professional with knowledge of real estate markets and skilled in the practice of appraisal.

When a property is appraised in connection with a loan, the appraiser is selected by the lender, but the appraisal fee is usually paid by the borrower.
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Like many such lease provisions, the protocol required each side to appoint its own appraiser-arbitrator, and those two appointed appraisers would select a third appraiser to serve as the umpire.
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The Borough's appraiser relied on the sale of three single-family colonial-style homes, all located in the Borough of Franklin Lakes and reached an opinion that the market value of the property was $1,200,000.
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The four organizations also sent an April 20 letter to every state appraiser board stating that real estate agents and brokers may be providing broker opinions of value of commercial real estate without appropriate appraiser credentials.
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In a letter to Salazar, the four appraiser organizations wrote: "Our organizations believe appraisal issues are extremely complex, and the importance of the appraisal function must be elevated within the Department.
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170(f)(11)(E)(ii), "qualified appraiser" means an individual who (1) has earned an appraisal designation from a recognized professional appraiser organization or has otherwise met minimum education and experience requirements set forth in regulations; (2) regularly performs appraisals for which the individual receives compensation; and (3) meets such other requirements as may be prescribed in IRS regulations or other guidance.
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An accredited business appraiser can help, but understanding the basics of calculating your value will keep you from getting lost in the numbers.
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Once it's in the system, the Internet is the pathway that makes it available to everyone who needs it, including appraisers, inside claim staff, managers and agents.
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Thus, the appraiser must understand the pertinent legal issues in a given jurisdiction before commencing work.
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Then, if the appraisals disagree sufficiently, the two appraisers select a third appraiser to determine the final rent or price.
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