What is the role of the appraiser?
The role of the appraiser is to provide objective, impartial, and unbiased opinions about the value of real property, while providing assistance to those who own, manage, sell, invest in, or lend money on the security of real estate.
Appraisers assemble a series of facts, statistics, and other information regarding specific properties. Then they analyze this data and develop opinions of value. Each appraisal assignment challenges the appraiser's ability to put analytical skills into practice, exercise sound judgment, and communicate effectively.
What qualifications must appraisers have?
All states require appraisers to be state licensed or certified in order to provide appraisals to federally regulated lenders. Some states require appraisers to be licensed or certified to provide appraisals for other parties as well. To become licensed or certified, you must pass an examination that is administered by your state's appraisal board.
Being state requirements vary; contact your state's regulatory agency for specific requirements. The Appraiser Qualifications Board (AQB) of The Appraisal Foundation is authorized by Congress to establish the minimum requirements for Certified General Real Property Appraiser and Certified Residential Real Property Appraiser classifications. The AQB provides recommended minimum requirements for the Licensed Real Property Appraiser and Trainee classifications. Descriptions for the four categories can be found on The Appraisal Foundation's Website.
Appraisers who become designated members of the Appraisal Institute have gone beyond these requirements. They have fulfilled rigorous education and experience requirements and must adhere to strict standards and a code of professional ethics. The Appraisal Institute currently confers the MAI membership designation on those who are experienced in the valuation of commercial, industrial, residential, and other types of properties. Those who are experienced in the analysis and valuation of residential real property hold the SRA membership designation.