What Does a Real Estate Appraiser Do?

A real estate appraiser develops a value opinion for a defined property interest, effective date and intended use. The work involves identifying the valuation problem, obtaining relevant information, applying appropriate analysis and reporting the conclusion and its support.

Start with the assignment

The same property may be appraised for financing, estate administration, a historical matter or another purpose. Those assignments can require different dates, assumptions and reports. Explain the intended users and decision before ordering.

Research and analysis support the conclusion

Relevant work may include an inspection, property records, comparable transactions, income and expense information, and other market evidence. The appropriate scope and valuation approaches depend on the property and assignment. An appraisal inspection does not replace technical building or environmental investigations.

Verify qualifications for the property

For an Ontario assignment, ask about the professional's designation, membership and relevant competence. AIC awards the AACI and CRA designations; those professional designations should not be described as an Ontario government appraiser licence. Confirm the designation's scope and the appraiser's experience.

A date-specific opinion has limits

A report does not have one universal acceptance period for all purposes. Its effective date, assumptions, authorized users and intended use matter. A lender or other intended user determines whether it meets its particular requirements.

Confirm the fee and delivery

The property, research, reporting scope, access and timing affect the quote. An appraisal does not promise a preferred value, financing approval, court acceptance or a selling price. Discuss the requirements and expected delivery before work begins.

AIC: professional standards

Appraisal enquiries: Laura Cade, AACI, P.App — Cade Appraisals Inc. Serving Niagara, Hamilton, Halton, Brant, Haldimand and Norfolk.