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
Region or locality that assesses real estate taxes on the properties located within its borders. Frequently, the local county or city is the property taxing jurisdiction which is empowered, ...
Amount subject to depreciation, which equals the initial cost less the estimated salvage value. ...
Covering on the top exterior of a window. ...
Long, wide piece of lumber having a minimum width of 8 inches with a minimum thickness of 1 inch for hardwood and 2 to 4 inches for softwood. ...
A roof having two slopes on each side. The second slope is longer than the first part of the roof and extremely steep. ...
Mortgage banker is the person or business that originates mortgages and receives payments. The mortgage banker typically sells these mortgages to investors and obtains service fees for the ...
The person to receive the benefits of a trust when distribution occurs. Secondary beneficiaries may be nominated if the primary beneficiary predeceased the trust distribution. The ...
Storing or keeping something such as an expansion tank holding hot water. ...
Builder's ten-year guarantee that their workmanship, materials, and construction are up to established standards. The HOW provides reimbursement for the cost of remedying specified defects. ...
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.