Facts - Real Estate Appraisers

Board of Registration of Real Estate Appraisers

Real Estate Appraisers, through their contracts with clients, provide land and commercial and residential property appraisal services.

The Board of Registration of Real Estate Appraisers licenses qualifies professional appraisers in compliance with the mandates of Title XI, Federal Financial Institution Reform, Recovery and Enforcement Act (FIRREA) of 1989. The Board insures the integrity of its licensees through fair and consistent enforcement of the statutes and regulations.

Real Estate Appraiser

A real estate appraiser is an impartial, independent third party who provides an appraisal - an objective report on the estimate of value of real estate. The appraisal is supported by the collection and analysis of data.

A real estate appraiser values real property (land, houses, buildings, etc.), not personal property (cars, jewelry, furniture). The appraiser determines the physical characteristics of the property to be appraised and estimates value based upon three common approaches to value:

Sales Comparison Market Approach
Cost Approach
Income Capitalization Approach

A state licensed real estate appraiser meets nationally established standards for education and experience, and successfully passes a comprehensive examination. A state licensed appraiser conforms to national ethical and professional standards called the Uniform Standards or Professional Appraisal Practice (USPAP), which establish the standards for ethics, competency and confidentiality governing professional appraisal practices.