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What do real estate appraisers do?

A professional real estate appraiser specializes in giving an opinion of value on various types of property. They charge a fee based on the type of property, complexity of the job, location of the property etc.

All appraisers who are members of the Appraisal Institute of Canada must meet certain uniform standards of professional appraisal practice and adhere to a strict code of ethics. No appraisal assignment is to be accepted contingent upon a predetermined value.

An appraiser can provide an indication of worth of your property for various reasons, such as suggestion of selling price based on recent market data and influences. Correct pricing will assist a client in reaching their specific goals from the sale.

What is an appraisal?

An appraisal is a professional estimate/opinion of value, which is supported by research and analysis of verified relevant market data as of a particular date.

An appraisal report includes the following:

  1. The final estimate and conclusion.
  2. The effective date of the appraisal.
  3. The purpose of the appraisal.
  4. Identification and description of the property and surrounding community.
  5. Analysis and interpretation of the data and the assumptions made.
  6. The certificate and signature.
  7. Photographs of the property and maps situating the property.

To determine the final estimate of value the appraiser uses the most appropriate method of valuation for that type of property and supports a conclusion by factual and relevant market data, which has been analyzed and verified.

In order to complete an appraisal, a professional appraiser does an extensive inspection and analysis of a property and it’s specific elements; size and style, it’s condition, upgrades and amenities, and location etc. The conclusion is expressed in detail within the completed appraisal document.