Appraiser
So, after you discovered what a Home Appraisal is, you want to know more about the person responsible for it: the famous Appraiser.
Good for you!
The Appraiser is a certified individual with the education and experience necessary to professionally evaluate a property regarding its real estate market value.
Although there are federal minimum requirements for one individual to act as an Appraiser, there are several levels regarding the Appraiser’s license to work, and they vary from state to state. One State Board of Appraisers might require an Appraiser fresh out of regulatory Appraisal education to exclusively work under a more experienced professional. Other State Board of Appraisers might certify one single Appraiser to cover by himself a multi-family building up to 4 units.
What is the cost of an appraisal?
- Single-family home appraisals could range between $300-$500 depending on location.
- Multi-family appraisal starts around $600 and up.
- Commercial appraisals can get very expensive depending on what type of commercial property.
Can't visualize it? Here’s a commercial appraisal example:
A commercial/residential building with 250 units will require a team of professionals to evaluate the premises, while a commercial building with 4 units could have its Appraisal done by one single Appraiser, right? So, naturally, the more manpower, the more it costs.
Info about the Real Estate Appraiser Employment market:
- Appraiser must complete a 150 hours of education in order to receive a license, requirements may vary from state to state.
- Appraiser may earn from $30,000 per year to $225,000 per year.
- Average wages for a real estate appraisers are $50,000 per year.
Real Estate Tip:
Now that you know what an Appraiser does, get your real estate lingo up to a new level searching through our Glossary Terms!
But if you don’t feel like it; no problem! Find a real estate agent on our homepage and let him/her do all the talking for you!
Popular Real Estate Terms
Legal record used to create a condominium. It encompasses the description of the property, common elements, ownership units, and acceptable uses of the residence. ...
Exposure can have various meanings in real estate and insurance, depending on the context. Let’s have a thorough look at these scenarios! Exposure as property’s ...
Statutes stipulating that the property of deceased individuals is distributed in a way that assumes that property during marriage is jointly owned and equally shared by the spouses ...
When an Appraisal is done, its ultimate goal is to define a Market Value for that property. So, in short, market value is the value of a real estate property in a free competitive ...
Measure of the typical U.S. family's ability to buy a home, published by the National Association of Realtors. When the Index measures 100, a family earning the median income has exactly ...
Mortgage placed on a property after a previous mortgage. It can be a second, third, etc. mortgage. A junior mortgage is subordinate to the terms of a previous mortgage. Junior mortgages ...
Payments made to enhance the appearance and conditions of real estate property. In so doing, the market value of the property should increase. Examples of renovation costs are siding, ...
Monies paid to use property, such as the use of natural resource extractions. The royalty payment is typically based upon some percentage of the income or fee for substances generated from ...
A certificate of ownership in a real estate company. Pledged assets for a borrowing. An example is an office building serving as collateral for the mortgage. Way of protecting property ...
Have a question or comment?
We're here to help.