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NJ State Appraisers

 

Versatile
New Jersey Real Estate Appraisers

 

Versatile is highly recommended team of real estate appraisers in New Jersey.  Our New Jersey appraisers offer statewide coverage.  Versatile appraisers have the experience and qualifications necessary to satisfy all your appraisal needs on deadline.  We are more than just your typical appraisers in NJ.  We are your appraisal and real estate alliance.  Our NJ appraisers are FHA and HUD approved.  Give us a call now!  We pride our homepage for containing vast information regarding the real estate appraisal and mortgage lending industry.  Remember to add our useful site to your favorites or make us your homepage.  

 

Versatile Real Estate Appraisers in New Jersey


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Real Estate Appraisers
"Appraisers You Rely On"


What are Real Estate Appraisers?

 

Real estate appraisers are hired to estimate the fair market value of real estate.  Real Estate Appraisers assess the condition and quality of the real estate and report their findings in the form of a real estate appraisal.  Appraisers must possess good analytical and mathematical skills.  Appraisers determine the properties authenticity and structural integrity.  Well-trained practical real estate appraisers may be more important than any other professional involved in a real estate transaction.     Appraisers estimate the value of real estate for a variety of purposes.  Typically  appraisers work primarily for lending institutions as independent fee appraisers.  Although some appraisers in New Jersey work directly for mortgage lenders, most are self employed independent contractors as opposed to being staff appraisers.  Real estate appraisers typically perform appraisal assignments necessary to determine property value, a vital component in calculating the loan to value formula associated with the debt investor’s risk.  Investors tend to hold NJ appraisers work in high regards.  Lenders typically appoint new jersey appraisers to value the real estate being considered for loan application.  Regardless of the type of property or who employs the appraiser in New Jersey, appraisers in New Jersey are expected to perform a valuation that are impartial, independent and objective.  Often in the real estate appraisal profession, real estate appraisers may specialize in appraising only a certain types of real estate such as a residential or commercial appraisal.  Other appraisers may specialize in performing FHA appraisals.  FHA appraisers must approved to perform an appraisal for the Federal Housing Administration.  Most NJ Appraisers tend to work in geographic areas that they are familiar with because of their knowledge of local influences that affect property values and there experience in those particular market areas.  NJ Real Estate Appraisers will determine the market value the property by taking into consideration local comparable sales, construction costs, and income potential.

Appraisers in New Jersey have regular clients and focus on valuing properties one at a time.  NJ real estate appraisers will often specialize by the type of real estate they appraise.  Commercial appraisers have the ability to appraise any type of real property but may generally only appraise property used for commercial purposes.  Residential appraisers focus on appraising homes or other residences and only value those that house one to four unit properties.  Commercial real estate appraisers have a general practice and are qualified to value all type of real estate.  Certified Residential Real Estate Appraisers are qualified to value one to four unit dwellings valued over one million dollars and are given the option to supervise trainee appraisers.  A licensed real estate appraiser in NJ can only appraise residential properties (one to four unit dwellings) under one million dollars in value, and are not certified to supervise trainee appraisers.

 

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A real estate appraisal is a service performed by licensed or certified real estate appraisers, who develops an opinion of value based upon the highest and best use of the real estate.  The highest and best use is the use which produces the highest value for the land, as if vacant.  Also of importance is the definition of the type of value being developed and this must be included in the appraisal.  For mortgage valuations of improved residential property, this value is most often reported on a standardized Uniform Residential Appraisal Report.

A real estate appraisal is performed for a specific client, to whom the appraisers have a fiduciary responsibility, regardless of what party ultimately pays for the appraisal, or whether anyone actually pays for the appraisal.  In most cases, the homeowner or buyer will pay for an appraisal.  Appraisal fees are typically due when the appraisers arrive at the property being appraised.  

 

In the USA, minimum real estate appraisal standards and real estate appraisers qualifications are the province of The Appraisal Foundation which is chartered by Congress.  Through one of its boards, The Appraisal Standards Board (ASB) periodically publishes the Uniform Standard of Professional Appraisal Practice (USPAP).  USPAP provides the minimum development and reporting standards NJ appraisers and NJ appraisals must meet.  The Appraisal Foundation is also responsible for setting the minimum qualifications for an appraiser in NJ and appraisers nationwide that seek licensure or certification through its other board, The Appraisal Qualifications Board (AQB).  The AQB is responsible for establishing the minimum education, examination, and experience requirements for licensed or certified real estate appraisers.  Effective January 1, 2008, the requirements to a become state licensed or certified real estate appraisers in New Jersey have significantly increased.  State licensing was established in the early 1990s in the wake of the Savings and Loan "crisis".

 

A Federal law requires that a real estate appraiser in New Jersey involved in a Federally-related transaction with a loan amount of $250,000 or more must have a state-issued license or certification.  All States also are required to conform to the licensing and certification requirements established by The Appraisal Foundation.  The Appraisal Foundation requires that appraisers in NJ pass an Appraisal Foundation approved state examination, as well as meet education and experience requirements.  The education requirements include a course and examination on the Uniform Standards of Professional Appraisal Practice (USPAP) set forth by The Appraisal Foundation.  Although Federal standards do not require an appraisal license for those appraisers in new jersey valuing real property with loan amounts of less than $250,000, many states require any practicing appraisers to obtain a license or certification, regardless of transaction value.  The state issued real estate appraisers licenses currently available are the State Certified General Real Estate Appraisers license, which allows appraisers to value any type of real estate regardless of value or type, and the state certified residential real estate appraisers license, which allows new jersey appraisers to value any residential unit of 1 to 4 families regardless of value. An additional license, which is recommended or used by many state’s is the state licensed real estate appraisers license, which permits its holder to appraise residential properties (1 to 4 units) worth less than $1,000,000.  For New Jersey appraisers, continuing education is necessary to maintaining a license or certification. The minimum continuing education requirement for appraisers in new jersey, is set by the Appraisal Foundation.

 

The implementation of licensure and enforcement are state functions.  In addition, there are appraisal organizations, private not for profits, some of which date back to the Great Depression of the 1930s, such as the American Society of Farm Managers and Rural Appraisers, founded in 1929.  Others were founded as needed and opportunities that arose in specialized fields, such as the Appraisal Institute and the American Society of Appraisers (founded in the 1930s) and the International Right of Way Association and the National Association of Realtors (after World War II).  These organizations all existed to establish and enforce standards, but their influence has waned as the government increases appraisal regulation.  There are several professional organizations for an appraiser in NJ and appraisers nationwide.  They include the American Society of Appraisers (ASA), the American Society of Farm Managers and Rural Appraisers, and the largest, the Appraisal Insitute (AI). In addition to state licensing and certification, a New Jersey appraiser can earn professional designations from any of the above organizations.

 

Many appraisers in new jersey choose to become a designated member of a regional or nationally recognized appraisal association. Designations are another way for New Jersey appraisers to establish themselves in the profession, and are recognizable credentials to show employers a higher level of education and experience.  Many NJ appraisers start with getting their NJ appraiser license or certificate and work their way up to a higher designation.  Advancement within the occupation comes with experience. The higher the level of the appraisers licensure, for example, the higher the fees independent fee appraisers may charge.  Assessors often have a career progression within their office, starting as a trainee and eventually ending up as senior appraisers or supervisor appraisers.

 

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Real estate appraisers hold approximately 100,000 jobs throughout the US.  NJ Appraisers work on a full-time basis. Nearly half are self-employed.  Employment is concentrated in metropolitan areas.  In addition 1 out of 4 worked for real estate appraisal firms, while a few appraisers work for financial institutions.  Most independent fee appraisers have offices that consist of a small staff.  However, private institutions such as banks and mortgage brokers may employ several appraisers in one office.  Employment of appraisers in NJ is expected to grow faster than the average for all occupations over 2004–2014.  Employment of new jersey real estate appraisers will grow with increases in the level of real estate activity.  In addition to growth openings, there should be numerous openings due to the need to replace the many NJ real estate appraisers who are expected to retire.  A NJ real estate appraiser may find the best opportunities as independent fee appraisers because the banks and other financial institutions that, in the past, employed a significant number of real estate appraisers in NJ and are increasingly contracted out to independent fee appraisers to make loan appraisals on a case-by-case basis, decreasing their need to staff real estate appraisers in New Jersey. The increased use of automated valuation models to conduct appraisals for loan and mortgage purposes has also shifted work out of the financial sector.  The cyclical nature of the real estate market will also have a large effect on the future of appraisers in New Jersey, especially those appraisers of residential properties. In times of recession, fewer people buy or sell real estate, causing a decrease in the demand for appraisers.  However, during a downturn in the residential real estate market, new jersey appraisers often are able to switch specialties and appraise properties for other purposes.  A Real Estate Appraiser in NJ must also place a monetary value on a property.  For more information on real estate appraisers and new jersey appraisers or appraisals in NJ contact: The Appraisal Foundation, Appraisal Institute, National Association of Real Estate Appraisers, American Society of Appraisers or Versatile, New Jersey real estate appraisers.

 

Unlike New Jersey Appraisers, assessors value entire neighborhoods using mass appraisal techniques to value all the homes in a local neighborhood at one time. Appraisers spend much of their time researching and writing reports.  This has especially affected self-employed appraisers, often called independent fee appraisers, who make their own office hours, allowing them to spend much more time on-site doing research and less time in their office.  Residential appraisers in NJ tend to spend less time on office work than commercial appraisers in NJ, who could spend up to several weeks for one site analyzing documents and writing reports.  New Jersey Appraisers who work for private institutions generally spends most of their time inside the office, making on-site visits when necessary.  Although there are currently no formal degree requirements to become NJ appraisers or appraisers anywhere in the USA, majority of practicing appraisers have at least some real estate or finance experience.  As of January 2008 minimum requirements to become new jersey real estate appraisers mandates four years college.  NJ Appraisers are qualified by education, training, and experience.  Appraisers in New Jersey has extensive functions in administering appraisals in accordance to laws.  Ideally, New Jersey real estate appraisers acts independently of the buying and selling parties in a transaction in order to arrive at the fair value of an asset without bias.  The requirements that must be met to become a fully qualified NJ real estate appraiser are complex and vary for appraisers by state, and sometimes by the value or type of property to be assessed or appraised.  In general, realestate appraisers must meet licensing and/or certification requirements.  Appraisers in New Jersey must meet licensing and/or certification requirements which vary by State.  Effective January 1, 2008, the requirements to become a state licensed or certified real estate appraisers in NJ have significantly increased.  Now to become New Jersey real estate appraiser all applicants must have a minimum of four years of college.

 


There are several types and definitions of value sought by a real estate appraisal. Some of the most common are:

Market Value – The price at which an asset would trade in a competitive Walrasian auction setting. Market Value is usually interchangeable with Open Market Value or Fair Value. International Valuation Standards (IVS) define Market Value as: Market Value is the estimated amount for which a residential or commercial property  should exchange on the date of valuation between a willing buyer and a willing seller in an arms-length transaction after proper marketing wherein the parties had each acted knowledgably, prudently, and without compulsion.[2]
Value-in-use – The net present value (NPV) of a cash flow that an asset generates for a specific owner under a specific use. Value-in-use is the value to one particular user, and is usually below the market value of a residential or commercial property.
Investment value - is the value to one particular investor, and is usually higher than the market value of a property.
Insurable value - is the value of real property covered by an insurance policy. Generally it does not include the site value.
Liquidation value -- may be analyzed as either a forced liquidation or an orderly liquidation and is a commonly sought standard of value in bankruptcy proceedings. It assumes a seller who is compelled to sell after an exposure period which is less than the market-normal timeframe.

 


It is important to distinguish between Market Value and Price. A price obtained for a specific property under a specific transaction may or may not represent that property's market value: special considerations may have been present, such as a special relationship between the buyer and the seller, or else the transaction may have been part of a larger set of transactions in which the parties had engaged. Another possibility is that a special buyer may have been willing to pay a premium over and above the market value, if his subjective valuation of the property (its investment value for him) was higher than the Market Value. An example of this would be the owner of a neighbooring property who, by combining his own property with the subject property, could thereby obtain economies-of-scale. Such situations often arise in corporate finance, as for example when a merger or acquisition is concluded at a price which is higher than the value represented by the price of the underlying stock. The usual rationale for these valuations would be that the 'sum is greater than its parts', since full ownership of a company entails special privileges for which a potential purchaser would be willing to pay. Such situations arise in real estate property markets as well. It is the task of the New Jersey real estate appraisers or new jersey real estate appraiser is to judge whether a specific price obtained under a specific transaction is indicative of Market Value.

 


In the US, appraisals are performed to a certain standard of value (e.g. -- foreclosure value, fair market value, distressed sale value, investment value). The most commonly used definition of value is Market Value. While USPAP does not define Market Value, it provides general guidance for how Market Value should be defined:

...a type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraisers as applicable in an appraisal.
Thus, the definition of value used in an appraisal analysis and report is a set of assumptions about the market in which the subject property may transact. It becomes the basis for selecting comparable data for use in the analysis. These assumptions will vary from definition to definition but generally fall into three categories:

The relationship, knowledge, and motivation of the parties (i.e., seller and buyer);
The terms of sale (e.g., cash, cash equivalent, or other terms); and
The conditions of sale (e.g., exposure in a competitive market for a reasonable time prior to sale).
In the US, the most common definition of Market Value is the one promulgated for use in Federally regulated residential mortgage financing:

The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable there to; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.[3] For example, adjustments must be made to the comparables sales prices for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market’s reaction to the financing or concessions based on the appraisers judgment.[4]


 

There are three general groups of methodologies for determining value. These are usually referred to as the "three approaches to value": The sales comparison approach. The cost approach. and The income approach.
The appraisers will determine which one or more of these approaches may be applicable, based on the scope of work determination, and from that develop an appraisal analysis. Costs, income, and sales vary widely from one situation to the next, and particular importance is given to the specific characteristics of the subject.

Consideration is also given to the market for the property appraised. Appraisals of properties that are typically purchased by investors (e.g. - skyscrapers) may give greater weight to the income approach, while small retail or office properties, often purchased by owner-users, may give greater weighting to the sales comparison approach. While this may seem simple, it is not always obvious. For example, apartment complexes of a given quality tend to sell at a price per apartment, and as such the sales comparison approach may be more applicable. Single family residences are most commonly valued with greatest weighting to the sales comparison approach, but if a single family dwelling is in a neighborhood where all or most of the dwellings are rental units, then some variant of the income approach may be more useful.

 


The cost approach was formerly called the summation approach. The theory is that the value of a property can be estimated by summing the land value and the depreciated value of any improvements. The value of the improvements is often referred to by the abbreviation RCNLD (reproduction cost new less depreciation or replacement cost new less deprecation). Reproduction refers to reproducing an exact replica. Replacement cost refers to the cost of building a house or other improvement which has the same utility, but using modern design, workmanship and materials. In practice, appraisers use replacement cost and then deduct a factor for any functional disutility associated with the age of the subject property.

In most instances when the cost approach is involved, the overall methodology is a hybrid of the cost and sales comparison approaches. For example, while the replacement cost to construct a building can be determined by adding the labor, material, and other costs, land values and depreciation must be derived from an analysis of comparable data.

The cost approach is considered reliable when used on newer structures, but the method tends to become less reliable for older properties. The cost approach is often the only reliable approach when dealing with special use properties (e.g. -- public assembly, marinas).


 

The sales comparison approach examines the price or price per unit area of similar properties being sold in the marketplace. Simply put, the sales of properties similar to the subject are analyzed and the sale prices adjusted to account for differences in the comparables to the subject to determine the value of the subject. This approach is generally considered the most reliable if adequate comparable sales exist. In any event, it is the only independent check on the reasonability of an appraisal opinion.

Note that this approach develops value from a purely pricing scheme, and as such is an example of a revealed preference model. An interesting perspective on the relationship between relatively subjective human estimation as compared with that obtained by purely mathematic modeling is contained in "Simple Heuristics That Make Us Smart" by Gerd Gigerenzer. Dr. Gigerenzer, a psychologist, asked people to estimate some real world facts based simply on their knowledge, experience and impressions. Common knowledge and some simple rules created models which were close to those produced by multiple regression analysis (MRA) and neural networks. The predictive value of the human models applied to a new sample was a bit better than the mathematical models, suggesting that the mathematical models may have described the data better but missed the predictive relationships. Similarly automated valuation models frequently find building size (square feet or meters) predictive of value, even when that information is not explicitly advertised. This is similar to the example in "The Wisdom of Crowds", Surowiecki, in which the scientist Francis Galton observed a crowd at a fair to, on average, accurately estimate the size of an ox.


 

The income capitalization approach is used to value commercial and investment properties.

In a commercial income producing property this approach capitalizes an income stream into a present value. This can be done using revenue multipliers or single-year capitalization rates of the Net Operating Income. The Net Operating Income (NOI) is gross potential income (GPI), less vacancy (= Effective Gross Income) less operating expenses (but excluding debt service or depreciation charges applied by accountants).

Alternatively, multiple years of net operating income can be valued by a discounted cash flow analysis (DCF) model. The DCF model is widely used to value larger and more expensive income-producing properties, such as large office towers.


 

Highest and Best Use (HABU) is a term of art in the appraisal process. It is a process to determine the use of the property which produces the highest value for the land, as if vacant. There are four steps to the process. First, appraisers determines all uses which are legally permissible for the property. Second, of the uses which are legally permissible, which ones are physically possible. Of those, which ones are financially feasible (sometimes referred to as economically supported). Of those uses which are feasible, which one and only use is maximally productive for the site. In a simple context, the appraisers must do this twice, comparing the results -- as if the land is vacant and in the as-is-improved state, taking into account the costs of demolishing any existing improvements. The outcome of this process is the highest and best use for the site. An appraisal of market value must explicitly assume that the owner or buyer would employ the property in its highest and best use, and therefore value the site accordingly.

In more complex appraisal assignments (e.g. -- contract disputes, litigation, brownfield or contaminated property valuation), the determination of highest and best use may be much more complex, and may need to take into account the various intermediate or temporary uses of the site, the contamination remediation process, and the timing of various legal issues.[5]



Implicit in the analysis of the subject property is a determination of the interest in the property being appraised. For most common situations (e.g. -- mortgage finance) the fee simple interest is explicitly assumed since it is the most complete bundle of rights available. However, in many situations, and in many societies which do not follow English Common Law or the Napoleanic Code, some other interest may be more common. While there are many different possible interests in real estate, the three most common are:

Fee simple value  - The most complete ownership in real estate, subject in common law countries to the powers reserved to the state (taxation, escheat, eminent domain, and police power)
Leased fee value - This is simply the fee simple interest encumbered by a lease. If the lease is at market rent, then the leased fee value and the fee simple value are equal. However, if the tenant pays more or less than market, the residual owned by the leased fee holder, plus the market value of the tenancy, may be more or less than the fee simple value.
Leasehold value - The interest held by a tenant. If the tenant pays market rent, then the leasehold has no market value. However, if the tenant pays less than market, the difference betweent the present value of what is paid and the present value of market rents would be a positive leasehold value. For example, a major chain retailer may be able to negotiate a below-market lease to serve as the anchor tenant for a shopping center. This leasehold value may be transferrable to another anchor tenant, and if so the retail tenant has a postive interest in the real estate.

 


While USPAP has always required appraisers to identify the scope of work needed to produce credible results, it became clear in recent years that appraisers did not fully understand the process for developing this adequately. In formulating the scope of work for a credible appraisal, the concept of a limited versus complete appraisal and the use of the Departure Rule caused confusion to clients, appraisers, and appraisal reviewers. In order to deal with this, USPAP was updated in 2006 with what came to be known as the Scope of Work project. In short, USPAP eliminated the Departure Rule and the concept of a limited appraisal and created a new Scope of Work rule. In this, appraisers were to identify six key parts of the appraisal problem at the beginning of each assignment:

Client and other intended users
Intended use of the appraisal and appraisal report
Definition of value (e.g. -- market, foreclosure, investment)
Any hypothetical conditions or extraordinary assumptions
The effective date of the appraisal analysis
The salient features of the subject property
Based on these factors, the appraisers must identify the scope of work needed, including the methodologies to be used, the extent of investigation, and the applicable approaches to value. The rule provided the explicit requirement that the minimum standards for scope of work were:

Expectations of the client and other users
The actions of the appraisers peers who carry out similar assignments

Mass appraisal and automated valuation models
Automated valuation models (AVMs) are growing in acceptance. These rely on statistical models such as multiple regression analysis or geographic information systems (GIS).[6] While AVMs can be quite accurate, particularly when used in a very homogeneous area, there is also evidence that AVMs are not accurate in other instances such as when they are used in rural areas, or when the appraised property does not conform well to the neighborhood. AVM's have also gained favor in class action litigation, and have been substantiated in numerous cases, both in Federal and state courts, as the appropriate method for dealing with large-scale real estate litigation problems, such as contaminated neighborhoods[7]


 

International
The various US and international professional organizations have started collaborating in recent years towards the development of International Valuation Standards which will facilitate global real estate appraisal, a much-needed adjunct to real estate investment portfolios which transcend national boundaries.

The IVSC - The International Valuation Standards Committee, is a Non-governmental Organisation (NGO) member of the UN, with membership that encompasses all the major national valuation standard-setters and professional associations from 41 different countries (including the Appraisal Institute, the RICS and the Appraisal Institute of Canada). IVSC have published the International Valuation Standards (IVS), now in their 8th edition.


United States
Appraisal practice in the US is regulated by the various states. Prior to the 1990's, there were no commonly accepted standards either for appraisal quality or for appraisers licensure. In the 1980s, an ad-hoc committee representing various appraisal professional organizations in the U.S. and Canada met to codify the best practices into what became known as the Uniform Standards of Professional Appraisal Practice, or USPAP. The Savings and Loan Crisis in the U.S. resulted in increased Federal regulation of the mortgage lending process via the Financial Institutions Reform, Recovery and Enforcement Act of 1991. A portion of this act required federal lending regulators to adopt appraisal standards. A not-for-profit organization, the Appraisal Foundation (TAF), was formed by the same organizations which had developed USPAP, and the copyright for USPAP was signed over to TAF. Federal oversight of TAF is provided by the Appraisal Subcommittee, made up of representatives of various Federal lending regulators. TAF carries out its work through two boards: the Appraisal Standards Board promulgates and updates USPAP; the Appraisal Qualifications Board (AQB) promulgates minimum recommended standards for new jersey real estate appraisers certified or licensed. During the 1990s, all of the states adopted USPAP as the governing standards within their states and developed licensure standards which met or exceeded the recommendations of TAF. Also, the various state and federal courts have adopted USPAP for real estate litigation and all of the federally lending regulators adopt USPAP for mortgage finance appraisal.[8]

In addition, there are professional appraisal organizations, organized as private not-for-profits, which date to the Great Depression of the 1930s. One of the oldest in the U.S. is the American Society of Farm Managers and Rural Appraisers (ASFMRA), founded in 1929.[9] Others were founded as needed and opportunity arose in specialized fields, such as the Appraisal Institute (AI) and the American Society of Appraisers (ASA) founded in the 1930s, the International Right of Way Association and the National Association of Realtors which were founded after World War II. These organizations all existed to establish and enforce standards, but their influence has waned as the government increases appraisal regulation. In March 2007, three of these organizations (ASFMRA, ASA, and AI) announced an agreement in principle to merge. NAIFA (National Association of Independent Fee Appraisers), a charter member of The Appraisal Foundation, helped to write Title XI, the Real Estate Appraisal Reform Amendments. It was founded in 1961.

The best known professional organization of appraisers in America is the Appraisal Institute. It was formed in from the merger of the American Institute of Real Estate Appraisers and the Society of Real Estate Appraisers. Founded along with others in the 1930's, the two organizations merged in the 1990's to form the Appraisal Institute (AI). This group awards two professional designations: SRA, to residential appraisers, and MAI, to commercial appraisers.

Other leading appraisal organizations include the American Society of Appraisers, National Association of Independent Fee Appraisers, and the National Association of Master Appraisers, which were also founding sponsor-members of the Appraisal Foundation.[10] In recent years, the Royal Institution of Chartered Surveyors (RICS) has become highly regarded in the US, and has formed a collaboration with the Counselors of Real Estate, a division of the National Association of Realtors. RICS, which is headquartered in London, operates on a global scale and awards the designations MRICS and FRICS to Members and Fellows of RICS. The Real Estate Counseling Group of America is a small group of the top appraisers and real estate analysts in the US who collectively have authored a disproportionately large body of appraisal methodology.


Atlantic County NJ
Atlantic County, New Jersey: Atlantic is named for the Atlantic Ocean.

Bergen County NJ
Bergen County, New Jersey: Bergen is believed to be named for either Bergen-op-Zoom, the Netherlands or Bergen, Norway.

Burlington County NJ
Burlington County, New Jersey: Burlington is named for a corruption of Bridlington, England.

Camden County NJ
Camden County, New Jersey: Camden is named for the Earl of Camden.

Cape May County NJ 
Cape May County, New Jersey: Cape May is named for Cape May, Capt. Cornelius Jacobsen Mey.

Cumberland County NJ
Cumberland County, New Jersey: Cumberland is named for the Earl of Cumberland.

Essex County NJ
Essex County, New Jersey: Essex is named for the English county of Essex.

Gloucester County NJ
Gloucester County, New Jersey: Gloucester is named for Gloucester, England.

Hudson County NJ
Hudson County, New Jersey: Hudson is named for Henry Hudson, the famous explorer.

Hunderdon County NJ
Hunterdon County, New Jersey: Hunterdon is named for Robert Hunter, the colonial Governor of New Jersey from 1710 to 1719.

Mercer County NJ
Mercer County, New Jersey: Mercer is named for Hugh Mercer, an American Revolutionary War general.

Middlesex County NJ
Middlesex County, New Jersey: Middlesex is named for the English county of Middlesex.

Monmouth County NJ
Monmouth County, New Jersey: Monmouth is named for Monmouthshire, Wales.

Morris County NJ
Morris County, New Jersey: Morris is named for Lewis Morris, the colonial Governor of New Jersey from 1738 to 1746.

Ocean County NJ
Ocean County, New Jersey: Ocean is named for its location on the Atlantic Ocean.

Passaic County NJ
Passaic County, New Jersey: Passaic is named for Passajeek, a Native American word meaning valley.

Salem County NJ
Salem County, New Jersey: Salem is named for the Hebrew word for peace.

Somerset County NJ
Somerset County, New Jersey: Somerset is named for the English county of Somerset.

Sussex County NJ
Sussex County, New Jersey: Sussex is named for the English county of Sussex.

Union County NJ
Union County, New Jersey: Union is named for the Union which was threatened by the American Civil War.

Warren County NJ
Warren County, New Jersey: Warren is named for Joseph Warren, an American Revolutionary War general.

 


 

 
 
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