What is an Appraisal?
An Appraisal is an impartial estimate or opinion of the value of real estate. The appraisal is usually a written statement setting forth an unbiased opinion of the value of an adequately described property as of a specific date and supported representation and analysis of relevant data.
There are many uses of an Appraisal, some of which are:
- Insurance Purposes
- Estate Appraisals
- Capital Gains Assessments
What are the different designations?
AACI, P.App: The AACI, P.App (Accredited Appraiser Canadian Institute; Professional Appraiser) is a fully accredited member in the Institute and indicates the individual’s competence in a wide range of real estate appraisals.
CRA: The CRA (Canadian Residential Appraiser) is competent in appraising residential properties and dwellings of no more than four units.
What does an Appraiser do?
An appraiser observes, investigates and analyzes the real estate market and actions of the people who operate within it.
The professional appraiser is after facts. The appraiser will thoroughly investigate the property that is being appraised. In addition, the appraiser is well versed in current market trends, general value of real estate in the area and in taxes and special assessments, in other words, the whole range of items which would affect the market value of the property.
The professional appraiser is also able to provide consulting services including feasibility studies into land use, property management and related information.