Appraisal Services
We appraise commercial real estate.
Two appraisal products are offered:
Though both report types require the same amount of research and analysis required to provide a credible opinion of value, the amount of detail presented in the report differs.
Appraisal Report - This report type contains more detail to enable the reader to have a more in depth understanding of the analysis and conclusions.
Restricted Appraisal Report - Though the level of research and analysis required to appraise the property is equal to that of an appraisal report, the written report is more brief, stating facts and conclusions, rather than summarizing.
What is a real property appraisal?
The Uniform Standards of Professional Appraisal Practice (USPAP) is a set of standards an appraiser is required to uphold. Within these standards (2024) is the definitions of appraisal, appraiser, and appraisal practice:
Appraisal: The act or process of developing an opinion of value; and opinion of value.
Appraiser: One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.
Appraisal Practice: Valuation services performed by an individual acting as an appraiser, including but not limited to appraisal and appraisal review.
Appraisal practice is provided only by appraisers, while valuation services are provided by a variety of professionals and others. The terms appraisal and appraisal review are intentionally generic and are not mutually exclusive. For example, an opinion of value may be required as part of an appraisal review assignment.
What are the different Types of Licensed Real Estate Appraisers?
A certified general appraiser is allowed to appraise all types of real property types. Prerequisites include a bachelor’s degree or higher from an accredited college or university; 300 hours of qualifying appraisal education; and 3,000 hours appraisal experience (of which half or more must be non-residential work) and passing of the state exam.
A certified residential appraiser is limited to appraising 1–4-unit residential property types. Prerequisites include an associate degree from an accredited college or university in meeting specific content, 200 hours of qualifying appraisal education and 1,500 hours of appraisal experience and passing of the state exam.
A licensed appraiser is limited to appraising 1-4 family complex up to $400,000 in transaction value, and non-complex assignments above $400,000 in transaction value. Prerequisites include 150 hours of qualifying appraisal education, 1,000 hours of experience and passing the state exam.
All levels of licensure require a continuing education program for biannual renewal that is monitored by the State.
What is an MAI?
MAI is a professional designation awarded by the Appraisal Institute. This designation requires additional appraisal experience, education, and testing to achieve—above that of obtaining a certified general appraiser license. Ongoing education (among other requirements) are required to remain an MAI.