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
Ambiguous contractual language that may result in an unsuspecting buyer of a real property incurring obligations or risks not clearly evident. ...
Cash earnings generated from a real estate investment or property. Cash earnings equals cash revenue less cash expense. The cash earnings may or may not be discounted to its present value ...
To enter illegally. For example, entering property without permission. ...
When answering the question of what is a real estate investor, several aspects should be considered. First, a real estate investor, also known as a real estate entrepreneur, allocates ...
Maximum credit a prospective buyer may be given. An example is the maximum mortgage a prospective home buyer may receive from the bank. ...
Roof with one side that is at a sloped angle. ...
Leasing commercial or industrial real estate can be a perplexing process. As a tenant (and as a landlord,) you must consider several aspects before actually signing the deal. Even top local ...
One who purchases an option. For example, John pays Brian $10,000 for an option to purchase property at $100,000 within six months. ...
Form of zoning regulation permitting all the uses permitted in more restrictive zoning to also apply to less restrictive zoning. The net affect of pyramid zoning is to pyramid only a few ...
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.