What's an Appraisal Because much private, corporate, and public wealth lies in real estate, the determination of its value is essential to the economic well-being of society. It is the job of the professional appraiser to determine these values by gathering, analyzing, and applying information pertinent to a property. Unquestionably, the professional opinion of the appraiser, backed by extensive training and knowledge, influences the decisions of people who own, manage, sell, purchase, invest in, and lend money on the security of real estate.
All states require appraisers to be, at a minimum, state licensed or state certified.
However, the Appraisal Institute encourages appraisers to go beyond these minimum requirements to earn a professional MAI, SRPA, or SREA general designation or SRA or RM residential designation . Appraisal Institute designated members have fulfilled rigorous education and experience requirements and must adhere to strict industry standards and a professional code of ethics. Services Provided In our complex society, you may need and use the services of a professional real estate appraiser for a variety of reasons. Under the Equal Credit Opportunity Act, your lender must provide you with a copy of the appraisal report upon your written request. If you are dissatisfied with any information contained in your appraisal report, you should contact your lender immediately.