Home Appraisals for Dummies. Appraiser ... “Real estate agent”: generic term for person who sells real estate (broker or salesperson) Question 14 14. Your house is … This may or may not be the same as its price. Connect with 1,000,000+ real estate investors! 2. Divide 640 by that answer, 640 / 32 = 20 acres. 13. A real estate appraiser inspects the property, but this step isn’t the same as a home inspection commissioned by a buyer. Every state requires real estate agents to have a license — and to take and pass a state examination to get that license. 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. Homes appraised during a “seller's-market”, or a market that’s saturated with a ton of buyers and not enough inventory to … This method converts the income of a property into an estimate of its value. Multiply all denominators together (the bottom number of the fraction): 2 x 4 x 4 = 32. Start analyzing real estate properties, we do the math for you. The Current Real Estate Market. Find local real estate meetups and events in your area. Appraisers generally use this method for commercial buildings such as shopping centers, office buildings, […] 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. Share. If the comparable property is superior in a feature, you subtract value from the comparable. Receive a free digital download of The Ultimate Beginner's Guide to Real Estate Investing. 3. 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 home appraisal is an unbiased report on the worth of a house in the fair market, performed by a trained and licensed individual. Your home is the place you reside in and share with loved ones. You need to cover a lot of ground in preparation for the test, but your efforts are well rewarded by a fun, exciting career. Additionally, the appraiser may look at county courthouse records and recent reports from the local real estate multiple listing service. One claims to have a 97% list-to-sell average while the other claims to have a 96% list-to-sell average. by Eric Tyson and Robert S. Griswold Real Estate Investing FOR DUMmIES‰ 2ND EDITION Sales Comparison Approach A. Taking a state real estate exam is necessary for becoming a licensed real estate agent. Dec 9th 2010 1:43PM. an appraisal. Lucy is interviewing real estate agents before she lists her home for sale. Example: Comp #l has a 1-car garage and sold for $70,000. Finally, the current real estate market has a large influence on how your home is appraised. It doesn’t affect the answer. 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