Appraisers generally use this method for commercial buildings such as shopping centers, office buildings, […] A home appraisal is an unbiased report on the worth of a house in the fair market, performed by a trained and licensed individual. Appraisals are needed to ensure the homebuyer, the home seller and the mortgage lender receive the accurate and true value of the real estate in question. The Current Real Estate Market. Example: Comp #l has a 1-car garage and sold for $70,000. You need to cover a lot of ground in preparation for the test, but your efforts are well rewarded by a fun, exciting career. Share. Appraiser ... “Real estate agent”: generic term for person who sells real estate (broker or salesperson) Start analyzing real estate properties, we do the math for you. Home Appraisals for Dummies. Divide 640 by that answer, 640 / 32 = 20 acres. If the comparable property is superior in a feature, you subtract value from the comparable. Connect with 1,000,000+ real estate investors! Appraisers go under different names depending on where you are in the world; real estate appraiser, property valuer, and chartered surveyor are the most common names. A method that will be covered on the Real Estate License Exam for appraising real estate based on its income is known as the income capitalization approach. This method converts the income of a property into an estimate of its value. Additionally, the appraiser may look at county courthouse records and recent reports from the local real estate multiple listing service. The appraiser gathers information for the appraisal report from a number of sources, but the process often begins with a physical inspection of the property inside and out. Your home is the place you reside in and share with loved ones. Question 14 14. Taking a state real estate exam is necessary for becoming a licensed real estate agent. It doesn’t affect the answer. Dec 9th 2010 1:43PM. Find local real estate meetups and events in your area. an appraisal. A real estate appraiser inspects the property, but this step isn’t the same as a home inspection commissioned by a buyer. One claims to have a 97% list-to-sell average while the other claims to have a 96% list-to-sell average. Receive a free digital download of The Ultimate Beginner's Guide to Real Estate Investing. Aol Real Estate Contributor, AOL.com. by Eric Tyson and Robert S. Griswold Real Estate Investing FOR DUMmIES‰ 2ND EDITION 3. Multiply all denominators together (the bottom number of the fraction): 2 x 4 x 4 = 32. Finally, the current real estate market has a large influence on how your home is appraised. Every state requires real estate agents to have a license — and to take and pass a state examination to get that license. 2. Sales Comparison Approach A. What is Real Estate Value and Valuation - dummies. 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