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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Lawsuits related to hybrid appraisals have been filed against appraisers for years.
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> Additional coverage on this topic will be included in Christensen's upcoming book, Risk Management for Real Estate Appraisers and Appraisal Firms, to be published by the Appraisal Institute this summer.
The big question: Mistakes happen, but which ones will most likely get an appraiser sued?
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* Be a member in good standing of the Institute of Business Appraisers.
Institute of Business Appraisers
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