How do I choose a commercial real estate appraiser?

Choosing a Real Estate Appraiser

1. Service Area: Look for an appraiser that specializes in your market area.
2. Years of Experience: The appraisal profession is difficult and takes a minimum of 5 years working with a variety of properties, good education, and a good mentor to produce a competent appraiser.

What commercial real estate transactions require an appraisal?

(2) Commercial real estate transactions of more than $500,000. All federally related transactions that are commercial real estate transactions having a transaction value of more than $500,000 shall require an appraisal prepared by a State certified appraiser.

How do I become an appraiser in KY?

The Kentucky Real Estate Appraisers Board requires any person initially entering the field of real property appraising to 1) complete the 90 hours of classroom instruction in appraisal courses listed in the above table, 2) apply to the KREAB for an Associate Real Property Appraiser credential; 3) complete the KY …

How long are commercial appraisals good for?

Technically, appraisals don’t expire, but lenders may refuse to honor them if they think the appraisal is too old. Most appraisals will be accepted for 90 days and many for up to six months. Rapidly changing market conditions can reduce the time frame to as little as 30 days.

How long is a commercial appraisal good for?

Do commercial loans require appraisal?

When is an SBA appraisal required? The SBA requires a real estate appraisal if the SBA-guaranteed loan is greater than $500,00 and is collateralized by commercial property. Lenders should follow their internal credit policy and their institution’s requirements for real estate appraisals for loans of $5000,000 or less.

Do you need a college degree to be a real estate appraiser?

National standards for a real estate appraiser’s license do not require trainees to hold a college degree. However, appraisers who wish to obtain a certified license do need a college education.

How much do appraisers make?

The average income for home appraisers is $60,040 as of 2020, according to PayScale, although a certified residential real estate appraiser may earn $100,000 or more, as they become more experienced. 1 A trainee earns considerably less with annual earnings before taxes as low as $20,000.

What does the Kentucky Board of Appraisers do?

The Kentucky Real Estate Appraisers Board protects the public through regulation, examination and licensure of real estate appraisers and the registration of appraisal management companies.

How to become a real estate appraiser in Kentucky?

Unique to Kentucky is the requirement to possess at least a bachelor’s degree for the licensing level, whereas other states impose such a requirement for certification. The required time to gain the 2,500 experience hours for licensing is 24 months, which is the same for certification and among the highest of the rest of the states.

Are there any commercial real estate firms in Kentucky?

We are a full-service KY commercial real estate firm, and can assist you in areas such as financial services, appraisal services, and real estate research services, among many others, all of which apply to a wide range of property types.

Is there a kcrea real estate company in Kentucky?

KCREA uses powerful, advanced technology to communicate with other commercial practitioners in Kentucky, as well as throughout the country. KCREA delivers a specialized level of service for commercial real estate that exceeds any residential MLS.