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
The profit or loss from selling an investment that is held one year or less. Short-term gains are ordinary income, while short-term losses are deducted from current income. Short-term gains ...
Adobe construction is one of the oldest types of construction that has been used in the Americas, ancient Egypt, and the Middle East to build long-lasting structures that can be seen even ...
Negative characteristics about real property which do not meet the needs of the usual occupant. Examples are inadequate lighting in the rooms and a one-car garage when a two-car garage is ...
Contractual agreement between a commercial or industrial rental property owner and an individual or firm who agrees to maintain the property. Management agreements specify the nature of ...
Geographic location by itself with designated boundaries. An example is a district. ...
Fee a borrower is assessed for the right to make a loan payment before the due date. An example is the prepayment charge for paying-off a mortgage early. ...
Construction method where reinforced concrete is used with concrete block and mortar to form an extremely strong building. Reinforced concrete construction is often used in conjunction ...
Rule of thumb approach used to determine how long it takes to double an investment in real estate. Under this approach, dividing the number 72 by the fixed rate of return equals the ...
There’s a lot of confusion regarding the hazard insurance definition. Many people think it’s a synonym for homeowners insurance but they’re wrong. Hazard insurance is ...
Have a question or comment?
We're here to help.