Related Words

Appraiser: A person typically hired by a lender to provide an appraisal.

National Association Of Independent Fee Appraisers (NAIFA): A professional association of appraisers with more than 2,000 members nationally. NAIFA offers the specialty designations IFA (member), IFAS (senior member) and IFAC (appraiser-counselor).

American Society Of Appraisers (ASA): A professional organization of appraisers engaged in the appraisal of both real and personal property. It confers the designations ASA and FASA (Fellow).

American Institute Of Real Estate Appraisers (AIREA): A professional organization formerly affiliated with the National Association of REALTORS. AIREA promoted professional practice and ethics in the real estate appraisal industry and identifie . . . View Full Definition

Fee Appraiser: A non-salaried appraiser who is paid a fee for the appraisal assignments performed.

Reconciliation: 1. The final step in an appraisal process, in which the appraiser reconciles the estimates of value received from the direct sales comparison, cost, and income approaches to arrive at a fina . . . View Full Definition

Continuing Education: A requirement in most states that real estate and appraiser licensees complete a specified number of educational offerings as a prerequisite to license renewal or reinstatement.

Appraisal: For real estate, an estimation of the worth of a given property, expressed as market value. Determining the market value of timeshare properties is not an exact science. Because of this, tim . . . View Full Definition

Good Faith Estimate: This document lists the estimated fees you will have to pay to get the loan. It also identifies who is expected to provide services and receive fees in connection with your loan, such as cre . . . View Full Definition

Cost Approach: The process of estimating the value of a property by adding to the estimated land value. The appraisers estimate of the reproduction or replacement cost of the building, less depreciation.