Role of Property Appraiser

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Commercial, Industrial and Residential Real Estate Business English content for developers, investors, agents, consultants, property managers, examiners and appraisers, inspectors, administrators, mortgage processors, escrow officers, associates.

Technicians and associate professionals > Business and administration associate professionals> Financial and mathematical associate professionals> Valuers and Loss Assessors > Property Appraiser

Property Appraisers - Description

• Property appraisers undertake detailed analysis and investigation of properties in order to determine their value for sales, mortgage and insurance purposes.
• They compare the value of properties taking into account the age, actual state of property, its quality, repairs needed and overall sustainability.
• Property appraisers make an inventory of fixtures, compose a schedule of condition of property and prepare appraisal reports for both commercial and residential properties.

Alternative Labels

appraiser of properties, appraiser of property, building appraiser, building appraiser s properties, appraiser property, property appraiser, property assessor, property assessors, property evaluator, property valuator, property valuators, real estate appraisal technician, real estate appraisal technicians, real estate appraiser, real estate appraisers, residential appraiser, residential appraisers, valuation surveyor, valuation surveyors

Essential Skills and Competences

Advise on property value

• Provide advise to those that own a property, professionals in real estate, or prospective clients in real estate on
  • the current monetary value of a property,
  • the potential of development in order to increase the value,
• and other relevant information concerning the value of the in the future developments of the real estate market.

Sample Language Task

Self-Paced Language Task: Property Value Analysis

Objective: For learners to practice advising on property value and understanding the factors that affect it, using authentic sources, like listings websites.

Materials needed

• Access to a listings website (e.g., [website of your choice])
• A property listing or case study (provided by the instructor)
• A worksheet for note-taking (provided by the instructor)

Instructions

• Research a property listing or case study provided by the instructor.
• Use the listings website to gather information about the property, such as its age, current state, quality, repairs needed, and overall sustainability.
• Analyze the property's value for sales, mortgage, and insurance purposes.
• Consider factors such as location, size, and amenities.
• Compare the value of the property with similar properties in the area, taking into account any differences in age, state, quality, repairs needed, and overall sustainability.
• Create a schedule of the property's condition, noting any fixtures and their current state.
• Prepare an appraisal report for the property, including your analysis of its current value, potential for development, and any relevant information concerning future developments in the real estate market.
• Review your work and ensure that it meets the Essential Skill and Competence requirements.

Evaluation

• Accuracy of the property analysis and appraisal report
• Quality of the schedule of condition
• Use of authentic sources and proper citation
• Ability to compare property values and provide relevant information on future developments
• Overall presentation and organization of the appraisal report

Analyse insurance risk

• Analyse the probability and size of the risk that is to be insured,
  • and estimate the value of the insured property of the client.

Collect property financial information

• Collect information concerning the previous transactions involving the property,
  • such as the prices at which the property had been previously sold
  • and the costs that went into renovations and repairs,
• in order to obtain a clear image of the property's value.

Compare property values

• Obtain information on the value of properties comparable to a property
  • which is in need of valuation
  • in order to make more accurate
    • appraisals
    • and assessments,
  • or to set or negotiate the price
  • at which the property can be sold or leased.

Examine the conditions of buildings

• Monitor and assess the conditions of buildings
  • in order to detect faults, structural problems, and damages.
• Assess general building cleanliness
  • for grounds maintenance and real estate purposes.

Make an inventory of fixtures

• Create a fixtures inventory
  • of the fittings and furnishings
  • present in an accommodation.

Obtain financial information

• Gather information on
  • securities,
  • market conditions,
  • governmental regulations
• and the financial situation, goals and needs of clients or companies.

Organise a damage assessment

• Organise a damage assessment by
  • indicating an expert to identify and examine the damage,
  • give information and instructions to experts and follow up on the experts,
    • and write a damage report.

Perform property market research

• Research properties in order to assess their usefulness for real estate activities,
  • using various methods such as media research
  • and visitation of properties,
• and identify the potential profitability in the development and trading of the property.

Value properties

• Examine and evaluate land and buildings in order to make valuations about their price.

Essential Knowledge

Energy Performance of Buildings

• Factors that contribute to lower energy consumption of buildings.
• Building and renovation techniques used to achieve this.
• Legislation and procedures regarding energy performance of buildings.

Insurance Law

• The law and legislation concerning the policies of transferring risks or losses from one party, the insured, to another, the insurer, in exchange for a periodic payment.
• This includes the regulation of insurance claims and the business of insurance.

Property Law

• The law and legislation that regulates all the different ways to handle property, such as
  • the types of property,
  • how to handle property disputes
  • and property contract rules.

Real Estate Market

• The trends concerning the buying, selling, or renting of property, including
  • the land, buildings, and natural resources encompassed within the property;
  • the categories of residential properties
  • and properties for business purposes
    • which such properties are traded in.

Risk Management

• The process of identifying, assessing, and prioritising of all types of risks
  • and where they could come from,
• such as natural causes, legal changes,
  • or uncertainty in any given context,
• and the methods for dealing with risks effectively.

Optional Skills and Competences

Advise on risk management

• Provide advice on risk management policies
  • and prevention strategies and their implementation,
  • being aware of different kinds of risks to a specific organisation.

Analyse insurance needs

• Gather information about the insurance needs of a client,
  • and give information and advice
  • about all possible insurance options.

Check construction compliance

• Determine whether a construction complies with laws and regulations.

Communicate problems to senior colleagues

• Communicate and give feedback to senior colleagues
  • in the event of problems or non-conformities.

Compile appraisal reports

• Compile full reports of
  • appraisals of properties,
  • businesses, or other goods and services being appraised
• using all the data gathered during the appraisal and valuation process,
  • such as
    • financial history,
    • ownership,
    • and developments.

Perform field research

• Participate in field research and evaluation of
  • state and private
    • lands
    • and waters.

Provide information on properties

• Provide information on the positive and negative aspects of a property
  • and the practicalities concerning any
    • financial transactions
    • or insurance procedures;
  • such as
  • location,
  • composition of the property,
  • renovation or repair needs,
  • the cost of the property
  • and the costs related to insurance.

Read standard blueprints

• Read and comprehend standard blueprints, machine, and process drawings.

The Lingua Habit team employs a comprehensive approach to understanding the roles, skills, and knowledge required for effective communication with international English-speaking colleagues and clients. This approach combines the CEFR (Common European Framework of Reference for Languages) levels, ESCO (European Skills, Competences, Qualifications and Occupations), and direct conversations with clients. By integrating these elements, the team can accurately assess the specific language needs of each individual.

Once the requirements are identified, the Lingua Habit team translates these skills and competences into actionable, realistic language learning programs, lessons, and tasks. They utilize curated authentic content to ensure that learners are exposed to real-world situations and contexts, allowing them to develop a strong command of the language in a practical setting.

The clear takeaway from the Lingua Habit courses is that learners will be able to demonstrate their linguistic competency in their professional roles, effectively communicating with international colleagues and clients. This empowers individuals to excel in their careers and fosters a more connected, global workforce.