Answers to some of our most frequently asked question
Frequently Asked Questions
No. Each appraiser possesses a different skill set and work ethic. Likewise, each client requires a different Scope of Work. As in all service professions, businesses must balance speed, profit and quality, often summarized as: fast, cheap and good. Concentrate on one aspect, and the others can suffer. For example, a fast, cheap appraisal can be accommodated with a reduced scope of work, but the client must be aware that quality can suffer. This scenario may not be the best choice for litigation work, but it may be good enough to provide advice on a listing decision. In addition, the experience and education of the appraiser will weigh heavily when working with unusual or serious situations.
Are all appraisals the same?
What’s the difference between an appraisal and a comparative market analysis or broker price opinion?
An appraisal is a certified appraiser’s unbiased opinion of the value of your home at a given point in time. In order to form a credible valuation of your home, the appraisal takes into consideration such things as:
Your home’s square footage
Construction quality
Home design
Your home’s floor plan
Features located within your neighborhood
Availability of shopping, schools, and transportation
Lot size, topography, view, and landscaping
In contrast, a comparative market analysis (CMA) or broker price opinion (BPO) is more of an informal estimate of your home’s market value. A real estate agent or broker makes an analysis based primarily on other properties in the neighborhood, often advocated to solicit a listing or consummate a sale. Compared to home appraisals, which typically cost between $500 and $800, PA law prohibits any fee for a comparative market analysis or BPO since a value or price opinion for a fee is defined as an appraisal.
Additionally, the PA State Board of Certified Real Estate Appraisers requires certified appraisers to obtain at least an associates degree, 200+ hours of appraisal education including 15 hours USPAP, 2,500+ hours of appraisal experience over 24 months, a 6+ hour test, and 28 hours of continuing education every 2 years. The State Real Estate Commission requires no mandatory appraisal or valuation courses for salespersons, a 3-hour test, no high school diploma, no experience, and only 60 hours of RE instruction.
What licenses to practice do you possess?
The following licenses to practice issued by the Commonwealth of Pennsylvania Department of State Bureau of Professional and Occupational Affairs are currently held by Robert G. Premecz and can be verified by performing a search on the Pennsylvania Online License Verification Service Website:
Real Estate Broker (Sole Proprietor) – Standard – RB040970L
Certified Residential Appraiser – RL000047L
In addition, the Appraisal Subcommittee also posts a verification of my license.
