Definition Of Appraiser In Real Estate

Definition of "Appraiser"

Lorraine Gately, Real Estate Agent Century 21 Sexton & Donohue

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!