Definition of "Appraisal"

Terry  Company real estate agent
Terry Company, Real Estate Agent RE/MAX

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.


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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!

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Comments for Appraisal

Marco Montiel Marco Montiel said:

there is a limite age to be real estateagent in the usa.?

May 30, 2021  21:40:11

Real Estate Agent

Hey 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  12:34:07

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