Appraisal
Definition of "Appraisal"
An Appraisal is the evaluation of a real estate property made by a neutral third party expert known as an Appraiser.
There are a number of reasons a home Appraisal is done:
- To develop a realistic market price
- To set the property market value at the time of death of its owner, when dealing with inheritance disputes, or at the time of breakup, when dealing with divorce settlements
- To divide the real estate value between the property and structural improvements
- To establish insurable values of the property
The Appraisal process gathers important data regarding the conditions of the property itself and its surroundings in order to provide an estimated value of the house.
The Appraisal process usually takes 2 weeks to be completed. Once the Appraiser collects all the information needed for his calculations, he makes his evaluation and discloses its results to all parts involved in the Appraisal.
Real Estate tips:
Was your house appraisal off by a lot? Know When to Dispute Your Home Appraisal!
Now that you know what is a home Appraisal, you can improve your real estate vocabulary even more by going through our real estate terms!
And, please, have fun using The OFFICIAL Real Estate Agent Directory® to find a real estate agent that's just perfect for your needs!
Popular Real Estate Terms
Metal or wood channel attached immediately below or along the eaves of a building for the purpose of channeling rainwater away from the structure. The gutter prevents rain runoff from ...
Form of financing that replaces or "takes-out" a construction loan to a developer. The take-out loan is a permanent mortgage loan which replaces the construction loan when, commonly, the ...
Oral or written contract that is not enforceable by the judicial system. Examples are contracts with minors, fraudulent agreements and contracts that exceed the statute of limitations. ...
Same as term industrial park: Usually a fairly large site zoned and planned for the purpose of industrial development and located outside the main residential area of a city. Industrial ...
Creates a lien against the mortgagor's property, but does not permit a lien against his or her personal assets. See also non recourse. ...
The term action in personam is used mostly in legal proceedings because Roman law heavily influenced our judicial system. Many terms used in law have their roots in Roman law, not only this ...
Total transfer of one's rights under a real estate contract to another. ...
Third party to a bankruptcy proceeding. The trustee's responsibility is to value and recapitalize the real estate firm if it is to be reorganized. ...
Property interest a person has that is presently possessed by another. Upon the termination of the possession, the property reverts to the grantor. ...
Comments for Appraisal
there is a limite age to be real estateagent in the usa.?
May 30, 2021 21:40:11Hey Marco! Thank you for reaching out to us. Regarding your question, the age limit for real estate agents in the USA starts at 18 or 19, depending on the state. The retiring age, however, depends on the individual. Around 22% of real estate agents retire before or around age 60, while 9% only retire between 61 and 70. But, as mentioned, it depends on each individual as many decide to work until their health condition allows them to.
Jun 03, 2021 12:34:07Have a question or comment?
We're here to help.