APPRAISAL FAQS

What is an Appraisal?
An appraisal is a professional and supported opinion of the market value of a property (residential, commercial or industrial), as of a specific date. An appraisal prepared by a qualified appraiser represents an independent and impartial analysis of relevant market data.

What is Market Value?
It is the most probable price which a property would bring in an open and competitive market when a buyer and seller, who are unrelated to each other (an "arms-length transaction"), each acting prudently and knowledgeably. It is assumed that all the conditions necessary for a fair sale would be met and the price would not be influenced by unusual circumstances.

What is an Appraisal Used For?
Appraisals may be needed for many purposes, including mortgages, estate planning or dispositions, tax determinations, property disputes, market analysis, bankruptcy, divorce settlements, probate procedings, or to determine an offering price for the seller or purchaser.

How Do I Find a Qualified Appraiser?
The appraiser you select should be licensed or certified by the state. This will insure that the appraiser has the education and experience necessary to appraise your property. A licensed or certified appraiser must conform to the Uniform Standards of Professional Appraisal Practice (USPAP) adopted by the Appraisal Standards Board of the Appraisal Foundation. To be sure an appraiser is competent, ask if the appraiser is a designated member of a recognized appraisal organization such as the Appraisal Institute, whose standards for accreditation go well beyond those established by the state. Certified General Real Estate Appraiser Scott Gallant is an MAI and SRA member of the Appraisal Institute.