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What is an appraisal? 

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.

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 — providing assistance to those who own, manage, sell, invest in and/or lend money on the security of real estate.

What is USPAP?

The Uniform Standards of Professional Appraisal Practice (USPAP) is the generally recognized ethical and performance standards for the appraisal profession in the United States.  USPAP was adopted by Congress in 1989, and contains standards for all types of appraisal services, including real estate, personal property, business and mass appraisal.  Compliance is required for state-licensed and state-certified appraisers involved in federally-related real estate transactions.  USPAP is updated every two years so that appraisers have the information they need to deliver unbiased and thoughtful opinions of value.

To become a real property appraiser in the United States, appraisers must take the 15-Hour National USPAP Course (or its equivalent).  Additionally, real property appraisers must take the 7-Hour National USPAP Update Course (or its equivalent) once every two calendar years.  

What is the range of services appraisers provide? • Estate planning and estate settlements • Tax assessment review and advice • Advice in eminent domain and condemnation property transactions • Dispute resolution—including divorce, estate settlements, property partition suits, foreclosures, and zoning issues • Feasibility studies • Expert witness testimony • Cost/benefit or investment analysis, for example, determining the financial return on remodeling • Land utilization studies • Supply and demand studies

How do well-credentialed appraisers add value to real estate transactions? They bring knowledge, experience, impartiality and trust to the transaction. In so doing, they help their clients make sound decisions with regard to real property.

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