An appraiser is a professional trained and certified to assess the value of real estate, personal property, or other assets for various purposes, including sales, purchases, insurance, taxation, and financial transactions. Appraisers use their expertise, knowledge of market trends, and evaluation methodologies to determine the fair market value or replacement cost of the property based on factors such as location, condition, size, and comparable sales data. The appraiser’s valuation report provides a credible and unbiased estimate of the property’s worth, which helps stakeholders make informed decisions regarding buying, selling, insuring, or financing assets. Appraisers must adhere to professional standards and ethics established by industry organizations and regulatory bodies to ensure accuracy, impartiality, and reliability in their assessments. Depending on the jurisdiction and the type of property being appraised, appraisers may be required to obtain state or professional certifications and licenses to practice legally. Overall, the role of an appraiser is essential in providing objective and trustworthy valuations that serve as the basis for important financial and legal transactions.
Appraiser: Noun 1. A professional who evaluates and determines the value, worth, or quality of a property, asset, or item, typically for the purpose of establishing its market value, insurance coverage, taxation, or legal proceedings. 2. An individual who conducts thorough inspections, research, and analysis to assess the condition, authenticity, or significance of an object, such as artwork, antiques, or collectibles, in order to provide an accurate appraisal. 3. A person who possesses specialized knowledge, expertise, and training in a specific field, such as real estate, jewellery, automobiles, or machinery, and is authorized to provide unbiased and objective opinions regarding the value or worth of the subject matter. 4. A professional who adheres to ethical standards and follows established guidelines and methodologies to ensure fairness, accuracy, and reliability in their appraisals, often working independently or as part of a reputable appraisal organization or agency.
A person whose job is to assess the monetary value of something.
- A person who is hired to determine the current value of real estate or other property.
- One who performs appraisals.
n. a professional who makes appraisals of the value of property. Some specialize in real property, and others in other types of assets from rugs to rings. A careful, well-trained and practical appraiser may be more important than any other professional in a transaction since one who grossly undervalues or overvalues property (or has no knowledge of true value) can wreak havoc. Where possible, a person should ask for a profile of other clients and training, and ask whether the appraiser is “MAI” (Member, Appraisal Institute).
An appraiser is a person educated and trained to set an unbiased value on real or personal property. The term appraiser comes from the Latin word appretiare, which means to value. An appraiser is contracted to examine, research, consult and/or report on the worth of a specified property. The process that an appraiser uses is called an appraisal. An appraiser can be involved in commercial and residential properties, artwork, horses and jewellery, among others. The most common type of appraiser is a real estate appraiser. A real estate appraiser examines and determines the market value of properties based on condition and the selling prices of comparable properties. Banks will request the services of an appraiser to help them determine feasible loan amounts. Often a court will appoint an appraiser to value the estate of a deceased person or on land seized for public purposes under the rights of eminent domain. Another common type of appraiser is an art appraiser. An art appraiser not only determines the value of a piece of artwork, but the appraiser also proves authenticity. Typically, an appraiser is certified by a regulatory agency.
Q: What is an appraiser? A: An appraiser is a professional who determines the value of a property, such as a home, land, or commercial building, based on various factors such as location, condition, and market trends. Q: Why do I need an appraiser? A: Appraisers are typically required when buying or selling a property, refinancing a mortgage, obtaining a loan, or for legal purposes such as estate planning or divorce settlements. They provide an unbiased and independent assessment of a property’s value. Q: How does an appraiser determine the value of a property? A: Appraisers use a combination of methods, including analysing comparable sales data, evaluating the property’s condition, considering the location and amenities, and assessing market trends. They also consider factors such as the property’s size, age, and any improvements or renovations. Q: How long does an appraisal process take? A: The duration of an appraisal process can vary depending on the complexity of the property and the availability of data. Typically, it can take anywhere from a few days to a few weeks to complete an appraisal. Q: How much does an appraisal cost? A: The cost of an appraisal can vary depending on factors such as the type of property, its size, and location. On average, residential appraisals can range from $300 to $500, while commercial appraisals can be significantly higher. Q: Can I choose my own appraiser? A: In many cases, the lender or financial institution will select the appraiser to ensure independence and impartiality. However, some situations may allow you to choose your own appraiser, such as for estate planning or legal purposes. Q: What happens if the appraised value is lower than the purchase price? A: If the appraised value is lower than the purchase price, it can affect the financing of the property. The buyer may need to renegotiate the price, bring additional funds to cover the difference, or the lender may decline the loan. It’s important to discuss options with your real estate agent or lender in such situations.
DismissThis site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 29th March, 2024.
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