There are many times in a person’s life when you may need something appraised. An appraiser in minnesota is often called upon to offer an appraisal on items, which are about to be donated to charity, for insurance purposes, for estate settlements, divorce and equitable distribution situations and bankruptcy.
There are a number of different skills required to be an appraiser and very few have them all. Appraisers usually specialize in personal possessions, real estate or businesses.
What is considered an appraisal in Minnesota?
An appraisal is an opinion of an item’s value, the opinion being made by a person with specific skills and knowledge. To give an accurate appraisal often means researching the value, experience, analysis and judgment.
An appraiser in Minnesota is a person who provides completely objective, impartial and unbiased opinions on the value of any real property. He will be called upon by individuals, investors, money lenders or anyone involved in lending against a given security. The appraiser assembles the facts on other items of equal importance and standing; they analyze this information and based on their findings, offer their opinion of the items value. Every assignment that an appraiser gets is different, and he must be in a position to offer his best judgment based on facts that he can gather.
What are the qualifications of an appraiser in Minnesota?
If the appraisal is demanded by lenders who are licensed by the federal government, the appraiser must be licensed or certified by his state board. There are some states that demand that appraisers be licensed for other transactions as well. To gain a license, the appraiser must pass an examination which is set by the licensing board of the state in which he works.
There are specific requirements for different kinds of appraisers. Appraisers of general real property and real estate have unique demands placed upon them, hence the need for specialization. There are appraisers that have exceeded all the state set requirements and become designated members of the Appraisal Institute. They maintain a rigorous standard and adhere to a strict code of professional conduct.
In real estate, what are the appraisal classifications?
- Trainee: This designation applies to someone who is qualified to appraise, but the appraisal must be certified by a supervisor who is fully qualified.
- Licensed appraiser: This person can appraise simple properties or a complex not exceeding four units and have a value less than one million dollars.
- Certified residential appraiser: This person can appraise up to four residential units of any value or complexity. He cannot appraise complete subdivisions, but he can appraise for federally related transactions.
- Certified general real property appraiser: he can appraise any property. A state-certified appraiser is automatically qualified to make appraisals for federal transactions.
Appraisal is a complex business and the value assigned to the asset by the appraiser must stand up in court in many instances.
For appraisal in Minnesota you may wish to contact an appraiser in Minnesota who is state licensed and insured. If this is the case, we suggest you contact History Bound for excellence in service.