Real Estate Appraiser Brookyln, NY
A Premier Brooklyn, New York Real Estate Appraiser.
Proudly Servicing Brooklyn, New York
A Real Estate Appraiser provides an independent, objective and unbiased Valuation Service.
An appraisal can be a written or an oral communication.
Lending Appraisal Reports
Most written Appraisal reports are provided to mortgage lenders when they need an appraisal for lending decisions.
When a lender engages an Appraiser to prepare an Appraisal Report, it is in a written format. The Lender is the Client who owns the written Appraisal Report. While the Borrower may receive a copy from the lender, that does not make the Borrower the Appraiser’s Client.
NonLending Appraisal Reports
While most appraisals are ordered by mortgage lenders, there are also nonlending appraisal assignments. Clients for nonlending assignments typically include:
- Advisors (legal and financial)
- Government Agencies and Jurisdictions
History on Appraiser Licensing
Appraiser licensing is new and was established in 1989.
Under the provisions of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), the Appraiser Qualifications Board (AQB) establishes the Real Property Appraiser Qualification Criteria (Criteria), or the minimum education, experience, and examination requirements for real property appraisers to obtain a state license or certification.
The original Criteria, adopted by the AQB in March 1991, included the following classifications:
- Licensed Residential
- Certified Residential
- Certified General
Each of these classifications include requirements for education, experience, and an examination.
Each State is required to implement an appraiser regulatory, licensing and certification program.
I am often asked if I am a Licensed Appraiser?
Here are the correct Appraiser License classification:
Licensed Residential Appraiser:
The scope of practice for a licensed residential real estate appraiser is limited to the appraisal of non-complex 1-4 family residential units having a transaction value of less than $1,000,000
and complex 1-4 family residential units having a transaction value of less than $250,000.
The scope of practice for a licensed residential real estate appraiser includes the appraisal of vacant or unimproved land that is to be utilized for a 1-4 family residential unit or vacant or unimproved land for which the highest and best use is a 1-4 family residential unit. In either case, the scope of practice is limited to the appraisal of vacant or unimproved land having a transaction value of less than $1,000,000
(Alaska, Connecticut, Illinois, Iowa, Louisiana, Pennsylvania, Wyoming do not issue License Residential Appraiser certification)
Certified Residential Estate Appraiser:
The scope of practice for a certified residential real estate appraiser is limited to:
(1) the appraisal of 1-4 family residential units without regard to value or complexity; and
(2) the appraisal of vacant or unimproved land that is to be utilized for a 1-4 family residential unit without regard to value or complexity, or vacant or unimproved land for which the highest
and best use is a 1-4 family residential unit without regard to value or complexity
Certified General Estate Appraiser:
A certified general real estate appraiser may appraise all types of real property