Appraiser vs Real Estate Agent: What’s the Difference?
Appraisers and real estate agents have vital roles in buying and selling property. While their roles may overlap, it is not uncommon for them to arrive at a different conclusion for the same piece of property. Real estate appraisers and agents gather and examine similar information, using the Multiple Listing Service (MLS) for information on comparables. The key difference is not the information they gather, but how they use it.
Real Estate Agents – promise to represent their client’s best interests.
Real Estate Appraisers – do not have a vested interest in serving the client’s needs beyond providing a thorough unbiased appraisal.
Real estate appraisers and agents may arrive at different conclusions, simply because their goals and perspectives differ based on their interactions with clients. Regardless of the different roles they play, both estimates are worth considering.
Some professionals are certified as a broker/agent and appraiser, and they must act in one capacity at a time. They cannot represent a client as an agent and complete an objective appraisal.
What is an appraisal?
Appraisals are used in a variety of situations including mortgage finance transactions, court proceedings, and for asset management purposes. Appraisals provide an unbiased opinion of value. They can only be completed by a licensed or certified appraiser. In addition, appraisal reports must comply with the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP is the national standard for appraisal practice and outlines ethical and performance requirements for appraisers. In each appraisal report, appraisers must sign a certification stating that they have complied with USPAP. Appraisals are regulated by the Michigan Appraiser Licensing and Certification Board (Board). The Board promulgates rules and follows federal directives from the Appraisal Subcommittee.
In summary, appraisals:
- Provide an opinion of value
- Can only be completed by licensed or certified appraisers
- Must comply with USPAP
Integrity Appraisal Service Fees
Integrity Appraisal Service – provides service for interior and exterior appraisals for the following counties: Kent, Ottawa, Muskegon, and Allegan county.
We look forward to hearing from you.
email: [email protected]
phone: (616) 275-4242