What is a Real Estate Appraisal?
Real estate appraisers in the state of Michigan are required to be licensed. There are four different license levels of which the highest attainable license is a Certified General Appraiser. A Certified General Appraiser can appraise all types of real property regardless of value and is qualified to perform appraisals for federally related transactions. An appraiser must be objective, impartial, and unbiased.
An appraisal is an opinion of value developed by a licensed appraiser through research, knowledge, experience, and professional judgement. Appraisals are required for many reasons including financing, tax appeal, ownership changes, estate settlements, insurance valuation, sale or lease negotiations, government compliance, and real estate development.