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
Contract to act on the behalf of a principal in selling real estate. The principal agrees to pay a commission to the broker when a buyer is produced who is ready, willing, and able to meet ...
The coefficient of dispersion is how municipalities can determine differences between the assessed values of properties in an area or neighborhood. It gives a broader look at the state of ...
Ownership rights to the minerals or other precious resources, such as petroleum, in one's property. A property owner having the mineral rights to the property can do one of three things ...
An official indicating intensity of land use in a zoned urban area. ...
Government owned lands, for conservation purposes or for specific uses such as dams and hydropower. Public lands are owned by federal, state, and local governments. Many public lands are ...
A rental contact in which the tenant's rental is tied to a change in the price level, such as the Gross National Price Deflator. ...
When a mortgage loan is provided to a borrower, the lender establishes a fund called a tax and insurance escrow to accumulate the debtor's monthly payments for property taxes and insurance ...
Bond collaterized by real assets. Two kinds of mortgage bond are senior mortgages and junior mortgages. A mortgage bond may have a closed-end provision that prevents the firm from issuing ...
Tax deduction permitted upon the transfer of property from one spouse to another. The deduction is allowed under the federal gift tax for lifetime transfers or under the federal estate tax ...
Have a question or comment?
We're here to help.