Define: Certified Residential Appraiser

A Certified Residential Appraiser is a professional who has met the education and experience requirements set by the Appraiser Qualifications Board (AQB) and has passed the required examination. They are authorised to appraise residential properties of up to four units.

A certified residential appraiser is necessary when you require an accurate and unbiased valuation of your residential property. They provide an expert opinion on the market value of your property, which is crucial for various purposes such as mortgage lending, property tax assessment, estate planning, and legal disputes.

To become a Certified Residential Appraiser, you must complete the required education, which typically includes a bachelor’s degree or higher, complete a certain number of appraisal hours, and pass the Certified Residential Appraiser examination administered by the Appraisal Qualifications Board.

No, a Certified Residential Appraiser is only authorised to appraise residential properties. For commercial properties, you would need to hire a Certified General Appraiser who has the necessary qualifications and expertise in commercial real estate.

The cost of hiring a Certified Residential Appraiser can vary depending on factors such as the size and complexity of the property, location, and the appraiser’s experience. It is recommended to obtain quotes from multiple appraisers to compare prices and ensure you are getting a fair deal.

The duration of a residential appraisal can vary depending on the complexity of the property and the availability of the necessary data. On average, it can take anywhere from a few days to a couple of weeks to complete the appraisal process.

Yes, Certified Residential Appraisers are regulated by the Appraisal Subcommittee (ASC) and must adhere to the Uniform Standards of Professional Appraisal Practice (USPAP). These regulations ensure that appraisers maintain ethical standards and provide reliable and unbiased valuations.

Yes, a certified residential appraiser can provide an appraisal for a divorce settlement. In such cases, the appraiser may be required to provide a fair market value of the property to assist in the equitable distribution of assets.

Yes, a certified residential appraiser can provide appraisals for insurance purposes. These appraisals help determine the replacement cost of a property in case of damage or loss, ensuring that the property is adequately insured.