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
Financial intermediaries who invest in deeds of trust and mortgages, and hold them in their own portfolio. Large financial firm that uses depositors' money to lend to borrowers. ...
Bond whose interest is free of federal, state, or local tax in the state of the issuer. It is typically a municipal bond of estate or county agency. For example, a New York City resident ...
Legal order for a person to present at a deposition or trial documents in his possession, such as related to a real estate transaction. ...
Note having more than one maker, if one or more of the makers default on the note, all makers are sued jointly, rather than just one or all, to make restitution ...
All of the conditions of the purchase and sale agreement have been fulfilled. The escrow agent prepares a written summary of the funds received in escrow, and the moneys paid out. The agent ...
A column designed to support a concentrated load. A pier column is made out of steel, steel reinforced concrete or wood. A structure extending out into the water supported by numerous ...
Extent to which soil has cavities or pores, thereby allowing water to pass through. soil productivity;Ability of the soil to accomplish the desired objective such as its capacity for ...
Compared to; relative to; against. ...
While trying to determine your net income, you might come across the term revenue, sales, or gross income. So what does revenue mean? Through revenue, we understand the income generated ...
Have a question or comment?
We're here to help.