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ABOUT
APPRAISALS
Q:
What is an appraisal?
A: An
appraisal is a formal, impartial opinion
of value, usually written, of an adequately
described property, as of a specific date,
and supported by the presentation and analysis
of relevant data.
Q: What qualifications are appraisers
required to have?
A: The province of Alberta requires that
all real estate appraisers are licensed
and have fulfilled education
and experience requirements. They must
adhere to strict industry standards and
a professional code of ethics.
Q: What factors does the appraiser consider
when appraising a property?
A: The appraiser looks at a number of
aspects of the property to estimate value.
Style, age, overall condition, square
footage, quality of construction and
other factors that influence marketability,
such as neighborhood, location, proximity
to amenities, zoning, design,
floor plan, etc.
Q: How can I prepare
for the real estate appraiser?
A:
Have a copy of the survey of the property,
blue prints and specifications
available at the time of viewing. Provide
a list of recent improvements and the
costs.
Give additional information that you
feel is pertinent.
Q: What's included in a typical real
estate appraisal report?
A: In addition to the main appraisal
reporting forms which contain information
on, and analyses of the subject property,
neighborhood and market, there are typically
many attached exhibits. Depending upon
the level of the report and inspection,
these include:
- Pictures of the subject property
and comparable sales.
- A sketch of the
subject property that is used to
calculate square footage
- A location
map with the locations of the subject
property in relation to the comparable
sales utilized in the report.
- All
appraisal reports contain the Statement
of Limiting Conditions and Appraiser's
Certification.
- Other attachments,
including other relevant photos,
descriptions, explanations and addenda
may be included if necessary.
Q: If I pay for the appraisal, does the
real estate appraiser work for me?
A: No. The appraiser works for whomever
orders the appraisal, regardless of
who pays for it. The appraiser is not
at liberty to discuss any portion of
an appraisal with anyone other than
the person who ordered the appraisal
unless otherwise instructed, regardless
of who pays for the appraisal.
Q: Can I get a copy of an appraisal
a lender ordered on my home?
A: Your lender can in some cases provide
you with a copy of an appraisal report
upon request. However, because the lender
is typically the client of the appraiser,
the appraiser is not allowed to discuss
any specific information on the appraisal
to anyone, including the borrower, without
the lender's approval. With approval,
the appraiser can discuss any information
regarding the appraisal with the homeowner.
Q: How long does an appraisal take?
A: The physical evaluation of the property
being appraised can take 15 to 45
minutes depending on
the size and complexity of the property
and appraisal. The typical residential
report can be completed in 24 to 48
hours from the time of the initial
physical evaluation.
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