Benchmark Appraising

An appraisal is a professional appraiser's opinion of value. The preparation of an appraisal involves research into appropriate market areas; the assembly and analysis of information pertinent to a property; and the knowledge, experience and professional judgment of the appraiser. The role of the appraiser is to provide objective, impartial and unbiased opinions about the value of real property - providing assistance to those who own, manage, sell, invest in and/or lend money on the security of real estate.

At minimum, all states require appraisers to be Registered Trainees and Supervised by, a licensed, certified or General appraiser in order to provide appraisals to federally regulated lenders. There is an apprenticeship for trainees with supervisors for a period of no less than 2 years while obtaining educational credit and obtaining "appraisal points" in order to proceed to the next level of licensure. A State licensed or certified appraiser do not have to be supervised. The highest level of Appraisal certification is the "General Appraiser" in which both commercial and residential appraisals can be done without supervision. A trainee may appraise commercial property while under the supervision of a General Appraiser.

Appraisers have fulfilled rigorous educational and experience requirements and must adhere to strict standards and a code of professional ethics and are governed by the state's Appraisal Board. Qualified State Certified appraisers bring knowledge, experience, impartiality and trust to the transaction. In so doing, they help their clients make sound decisions with regard to real property.

Most appraisals are reported in writing, although in certain circumstances, an appraiser may provide an oral appraisal. A written appraisal report generally consists of: a description of the property and its locale; an analysis of the "highest and best use" of the property; an analysis of sales of comparable properties "as near the subject property as possible"; and information regarding current real estate activity and/or market area trends. The value indicated by recent sales of comparable properties, the current cost of reproducing or replacing a building, and the value that the property's net earning power will support are the most important considerations in the valuation of real property.

In addition to residential or commercial appraisal - and depending upon an appraiser's designation and qualifications - he or she may be able to assist with the following:

Any other questions, please feel free to email us at info@benchmarkappraising.com or call our office at the number on the bottom of the page.