Certified General Appraiser

Appraisal Real Estate Property Valuation Certification Real Estate Law Appraiser
A Certified General Appraiser is a professional authorized to appraise any type of property under the appraiser certification laws adopted by most states in the early 1990s.
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Certified General Appraiser

A Certified General Appraiser is a professional who possesses the qualifications and certifications required to appraise any type of property, whether it’s residential, commercial, industrial, or specialized. The certification laws for appraisers were adopted by most states in the early 1990s to ensure that appraisals are conducted with accuracy, integrity, and professionalism, in adherence to the Uniform Standards of Professional Appraisal Practice (USPAP).

Examples

  1. Residential Property Appraisal: A Certified General Appraiser evaluates a luxury residential estate to determine its market value for potential buyers.
  2. Commercial Property Appraisal: Appraising a large shopping mall for resale purposes or for securing a mortgage loan.
  3. Industrial Property Appraisal: Assessing the value of a manufacturing plant for acquisition or insurance purposes.
  4. Specialized Property Appraisal: Valuing a unique property such as a historical landmark or a vineyard.

Frequently Asked Questions (FAQs)

  1. What are the educational requirements for becoming a Certified General Appraiser?

    • Typically, a Bachelor’s degree along with specific appraisal courses approved by the Appraisal Qualifications Board (AQB).

  2. How much experience is needed to qualify as a Certified General Appraiser?

    • Aspiring appraisers need to complete a certain number of hours of supervised experience (often around 3,000 hours).

  3. What is the difference between a Certified General Appraiser and a Certified Residential Appraiser?

    • A Certified General Appraiser is qualified to appraise all property types, whereas a Certified Residential Appraiser is limited to residential properties typically up to a certain value.

  4. Are there additional continuing education requirements for Certified General Appraisers?

    • Yes, appraisers must complete continuing education courses periodically to maintain their certification.

  5. What governing body oversees the certification and regulation of appraisers?

    • The Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) oversees the regulation of appraisers, though states have their own regulatory bodies as well.
  • Appraisal: The process of determining the value of property, typically conducted by a certified professional.
  • Uniform Standards of Professional Appraisal Practice (USPAP): A set of guidelines and standards for conducting appraisals, ensuring competency and ethical conduct.
  • Appraisal Qualifications Board (AQB): The body responsible for establishing minimum education, experience, and examination requirements for appraisers.
  • Licensed Appraiser: A lower level of appraiser certification often limited to appraising non-complex residential properties.

Online References

  1. The Appraisal Foundation: www.appraisalfoundation.org
  2. American Society of Appraisers: www.appraisers.org
  3. National Association of Realtors - Appraisal Section: www.nar.realtor/appraisal

Suggested Books for Further Studies

  1. “The Appraisal of Real Estate” by Appraisal Institute – A comprehensive guide to appraisal standards and practices.
  2. “Real Estate Valuation in Litigation” by J. D. Eaton – Covers the role of appraisers in legal contexts.
  3. “Mastering Real Estate Appraisal” by Dennis H. Carr and Betsy J. Adriance – A detailed guide for aspiring appraisers.

Fundamentals of Certified General Appraiser: Real Estate Appraisal Basics Quiz

### What is the primary role of a Certified General Appraiser? - [x] To appraise any type of property, including residential, commercial, and industrial. - [ ] To only appraise residential properties. - [ ] To conduct property inspections for building codes. - [ ] To sell real estate properties. > **Explanation:** A Certified General Appraiser is qualified to appraise any type of property, not just residential properties. ### What standard must Certified General Appraisers adhere to? - [ ] General Accounting Principles (GAAP) - [ ] Uniform Standards of Professional Appraisal Practice (USPAP) - [ ] Federal Housing Administration (FHA) guidelines - [ ] Fair Housing Act > **Explanation:** Certified General Appraisers must adhere to the Uniform Standards of Professional Appraisal Practice (USPAP). ### How many hours of supervised experience must one typically complete to become a Certified General Appraiser? - [ ] 1,000 hours - [ ] 1,500 hours - [x] 3,000 hours - [ ] 4,000 hours > **Explanation:** Aspiring appraisers typically need around 3,000 hours of supervised experience for certification. ### Which of the following would NOT typically be appraised by a Certified General Appraiser? - [ ] A commercial shopping mall - [ ] A luxury residential estate - [ ] A small residential house - [x] A personal laptop computer > **Explanation:** Certified General Appraisers do not appraise personal electronic devices like laptops; they appraise real property. ### What governing body oversees the regulation of appraisers? - [ ] The Securities and Exchange Commission (SEC) - [ ] The Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) - [ ] The Department of Labor (DOL) - [ ] The National Association of Realtors (NAR) > **Explanation:** The Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) oversees the regulation of appraisers. ### Which organization establishes the minimum education and experience requirements for appraisers? - [ ] American Society of Appraisers (ASA) - [ ] The Appraisal Foundation's Appraisal Qualifications Board (AQB) - [ ] National Association of Home Inspectors (NAHI) - [ ] Federal Housing Finance Agency (FHFA) > **Explanation:** The Appraisal Foundation's Appraisal Qualifications Board (AQB) establishes these requirements. ### Which document ensures that appraisals are conducted with integrity and ethical standards? - [ ] Code of Federal Regulations (CFR) - [x] Uniform Standards of Professional Appraisal Practice (USPAP) - [ ] Fair Housing Act - [ ] Guide to Business Conduct > **Explanation:** The Uniform Standards of Professional Appraisal Practice (USPAP) ensures professionalism and ethical conduct in appraisals. ### Are Certified General Appraisers required to participate in continuing education? - [x] Yes - [ ] No - [ ] Only if they change specialties - [ ] Only if mandated by a state government > **Explanation:** Certified General Appraisers are required to participate in continuing education to maintain their certification. ### What is one primary difference between a Certified General Appraiser and a Certified Residential Appraiser? - [ ] General Appraisers can perform building inspections too. - [ ] General Appraisers have more specialized education. - [x] General Appraisers can appraise all types of properties while Residential Appraisers focus on residential property types. - [ ] General appraisers specialize in forensic real estate evaluations. > **Explanation:** Certified General Appraisers are qualified to appraise all property types, whereas Certified Residential Appraisers focus on residential properties. ### Which book is essential for understanding real estate appraisal practices? - [ ] "Principles of Economics" by Gregory Mankiw - [ ] "Real Estate Law" by Elliot Klayman and Christopher Cone - [x] "The Appraisal of Real Estate" by the Appraisal Institute - [ ] "Business Communication Today" by Courtland Bovee and John Thill > **Explanation:** "The Appraisal of Real Estate" by the Appraisal Institute is a comprehensive guide essential for understanding appraisal practices.

Thank you for engaging with our comprehensive overview of the Certified General Appraiser role and practicing with our detailed quiz questions. Continue to push for mastery in your appraisal knowledge!

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