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The various U.S. appraisal groups and international professional appraisal organizations have started collaborating in recent years towards the development of International Valuation Standards. This will facilitate global real estate appraisal standards, a much-needed adjunct to real estate investment portfolios which cross national boundaries. Some appraisal groups are already international organizations and thus, to some extent, already incorporate some level of global standards.
Real property appraisers usually value one property at a time, while assessors value many at once. However, both occupations use similar methods and techniques. As a result, assessors and appraisers tend to take the same courses for certification. In addition to passing a statewide examination, candidates must usually complete a set number of on-the-job hours.
A new construction home will require an appraisal if it's being financed. This appraisal will enable the mortgage lender to determine if the property's value is commensurate with the size of the loan being requested. New construction homes can be difficult to appraise. With existing homes, comparable properties are used to establish value. With many new construction homes, comparable properties do not exist, and this can present valuation challenges.
Because of a terrible quirk in state law, the next Pinellas County property appraiser will be chosen only by Republicans in the Aug. 30 primary. The two candidates are Mike Twitty, a veteran appraiser in the private sector, and Jim Frishe, a former state legislator. There is no Democratic candidate, but the presence of a write-in candidate in November means only Republicans get to vote in a primary that should be open to all voters. Twitty is the clear choice.
Lenders want to make sure that homeowners are not overborrowing for a property because the home serves as collateral for the mortgage. If the borrower should default on the mortgage and go into foreclosure, the lender will recoup the money it lent by selling the home. The appraisal helps the bank protect itself against lending more than it might be able to recover in this worst-case scenario.
In order to become a Licensed Residential Appraiser, and earn the right to do appraisals on your own, most states require you to become a Trainee Appraiser and obtain experience. Many states have different titles for the Trainee Appraiser license level, such as Apprentice Appraiser or Registered Appraiser. Some states do not have a formal Trainee Appraiser license level. You can learn more about your state’s requirements by going to their regulatory website. Click here to find your state.
The final millage rate will be voted upon as part of the final budget approval in September. Each taxing authority holds a public hearing for that vote. The hearing dates and contact information are provided on the TRIM notice. The new fiscal year begins October 1 and the Pinellas County Tax Collector sends out the tax bills on or about November 1.
However, the recent trend of the business tends to be toward the use of a scientific methodology of appraisal which relies on the foundation of quantitative-data, risk, and geographical based approaches. Pagourtzi et al. have provided a review on the methods used in the industry by comparison between conventional approaches and advanced ones.
Appraisals can be assigned to nearly any item, including real estate. Appraisals are conducted by individuals called appraisers. Appraisers are educated in a variety of market valuation methods and are recognized by a regulatory authority as being capable of issuing an accurate valuation. For instance, an appraisal on an antique will take into account such variables as age, condition, origin, and availability of authenticating documentation.
Because the appraisal primarily protects the lender's interests, the lender will usually order the appraisal. According to the Appraisal Institute, an association of professional real estate appraisers, a qualified appraiser should be licensed or certified (as required in all 50 states) and be familiar with the local area. Federal regulations state that the appraiser must be impartial and have no direct or indirect interest in the transaction. Fannie Mae requires appraisers to certify that they have experience appraising similar properties in the same geographic area.
The Florida Constitution and Florida Statutes §119 and §286 safeguard every Floridian’s right of access to government meetings and public records. In Florida, disclosure is the standard, unless the Legislature allows an exemption or the records are otherwise confidential. Every citizen has the right to obtain public records that are not exempted or confidential. Citizens and the media can easily request public records from Pinellas County government. The requester is responsible for any cost of providing the documentation, which includes staff time, cost of copies and other costs that are associated with the request.