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One of the most recognized professional organizations of real estate appraisers in America is the Appraisal Institute (AI). It was formed from the merger of the American Institute of Real Estate Appraisers and the Society of Real Estate Appraisers. Founded along with others in the 1930s, the two organizations merged in the 1990s to form the AI.
Uniform Standards of Professional Appraisal Practice (USPAP) can be considered the quality control standards applicable for real property, personal property, intangible assets, and business valuation appraisal analysis and reports in the United States and its territories. USPAP, as it is commonly known, was first developed in the 1980s by a ...
A Uniform Residential Appraisal Report or URAR is one of the most common forms used in United States real estate appraisals.It was created to allow for standard reporting and analysis of single-family dwellings or single-family dwellings with an "accessory unit".
Here, we break down some of the major differences between a home appraisal vs. a home inspection. What is a home appraisal? An appraisal is a process used to determine the value of a home. Usually ...
A broker's price opinion (BPO) is a report that is performed by a licensed real estate agent, broker. or appraiser. A BPO is an informal appraisal. A BPO is an informal appraisal. It is similar to doing a CMA ( Comparative Market Analysis ) but most times the real estate professional gets paid to do a BPO.
When a real estate appraiser works with a business valuation appraiser (and perhaps an equipment and machinery appraiser) [8] to provide a value of the combination of a business and the real estate used for that business, the specific market value is called "going concern value". It recognizes that the combined market value may be different ...
In appraisals, an entity is assessed at its highest or best use to maximize value and increase revenue. However, the value of an entity at its highest or best use may not be greater than the value of an entity in its present use if remediation is required to convert the entity to a different use. [8]
Taxes can be confusing. But it's important to understand how real estate and property taxes work, especially if you own land, a home or a vehicle. While many people use the terms interchangeably ...