Certified General Appraiser

Certified General Appraiser

A Certified General Appraiser is a professional who possesses the qualifications and certifications required to appraise any type of property, whether it’s residential, commercial, industrial, or specialized. The certification laws for appraisers were adopted by most states in the early 1990s to ensure that appraisals are conducted with accuracy, integrity, and professionalism, in adherence to the Uniform Standards of Professional Appraisal Practice (USPAP).

Examples

1. Residential Property Appraisal: A Certified General Appraiser evaluates a luxury residential estate to determine its market value for potential buyers.
2. Commercial Property Appraisal: Appraising a large shopping mall for resale purposes or for securing a mortgage loan.
3. Industrial Property Appraisal: Assessing the value of a manufacturing plant for acquisition or insurance purposes.
4. Specialized Property Appraisal: Valuing a unique property such as a historical landmark or a vineyard.

Frequently Asked Questions (FAQs)

1. What are the educational requirements for becoming a Certified General Appraiser?

   • Typically, a Bachelor’s degree along with specific appraisal courses approved by the Appraisal Qualifications Board (AQB).

2. How much experience is needed to qualify as a Certified General Appraiser?

   • Aspiring appraisers need to complete a certain number of hours of supervised experience (often around 3,000 hours).

3. What is the difference between a Certified General Appraiser and a Certified Residential Appraiser?

   • A Certified General Appraiser is qualified to appraise all property types, whereas a Certified Residential Appraiser is limited to residential properties typically up to a certain value.

4. Are there additional continuing education requirements for Certified General Appraisers?

   • Yes, appraisers must complete continuing education courses periodically to maintain their certification.

5. What governing body oversees the certification and regulation of appraisers?

   • The Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) oversees the regulation of appraisers, though states have their own regulatory bodies as well.

Related Terms

• Appraisal: The process of determining the value of property, typically conducted by a certified professional.
• Uniform Standards of Professional Appraisal Practice (USPAP): A set of guidelines and standards for conducting appraisals, ensuring competency and ethical conduct.
• Appraisal Qualifications Board (AQB): The body responsible for establishing minimum education, experience, and examination requirements for appraisers.
• Licensed Appraiser: A lower level of appraiser certification often limited to appraising non-complex residential properties.

Online References

1. The Appraisal Foundation: www.appraisalfoundation.org
2. American Society of Appraisers: www.appraisers.org
3. National Association of Realtors - Appraisal Section: www.nar.realtor/appraisal

Suggested Books for Further Studies

1. “The Appraisal of Real Estate” by Appraisal Institute – A comprehensive guide to appraisal standards and practices.
2. “Real Estate Valuation in Litigation” by J. D. Eaton – Covers the role of appraisers in legal contexts.
3. “Mastering Real Estate Appraisal” by Dennis H. Carr and Betsy J. Adriance – A detailed guide for aspiring appraisers.

Fundamentals of Certified General Appraiser: Real Estate Appraisal Basics Quiz

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