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How can I get information about Real Estate appraisal in Ontario?

 

How can I get information about Real Estate appraisal in Ontario?

A real estate appraiser in Canada may deal in residential or commercial properties. The main task of an appraiser is to ascertain the fair market value for properties. To purchase a home for a fair and competitive price, home buyers like to know what the property is worth. Based on individual aspects of the property, they like to know what makes it more or less valuable than an alternative property. Appraisals are based on what is considered the best and highest use of the property in question.

This basically implies the value of the house taking into account the purpose for which it will be used - residing, commercial activity or any other purpose. A real estate appraisal thus helps to establish market value of a property–the likely sales price it would bring if offered in an open and competitive real estate market. An appraiser also provides the estimate of property's value when it is mortgaged, taxed, insured or developed.

If a loan is taken with the property as a security, the lender will also require a property appraisal. This is to make sure that the property will sell for at least the amount of money being given as loan. A property appraisal should not be confused with a comparative market analysis, or CMA. As a real estate agent you can use CMA's to help home sellers determine a realistic asking price and also come very close to an appraisal price with the CMA. However, an appraiser's report is much more detailed--and is the only valuation report that a bank can consider when deciding whether or not to lend the money.

To become a real estate appraiser in Ontario, you need to be licensed for the province after completing coursework and internship hours that familiarize you with the real estate markets. Once you clear the concerned exams satisfactorily you will be presented with a real estate appraiser license.

Learning the trade is not a difficult task but it sometimes takes years of experience to develop the forte of correctly judging the value of different items involved in an appraisal.

Real estate appraisals in Ontario are very detailed reports and some of the things that they include are:

Details concerning the property being appraised, along with side-by-side comparisons of two - three similar properties

An evaluation of the overall real estate market in the area where the property exists

Statements about issues that the appraiser feels could be harmful to the property's value, such as poor access to the property

Notations about seriously flawed characteristics like a crumbling foundation

An estimate of the average time to sell the property

Determining the type of area that the property is in - a development, stand alone acreage etc.

Besides regular classes and correspondence courses, real estate appraiser courses in Ontario can also be taken through the Internet. However, you need to check the credentials and make sure that the school will provide you with a qualified course of training that can eventually help you to become a licensed real estate appraiser.

As an appraiser you will generally begin your career as a trainee and eventually advance to become a senior appraiser or supervisor.

A typical day in your life as a real estate appraiser in Ontario will include activities such as:

  • Visiting residential or commercial properties as per your specialty
  • Evaluating a property's unique characteristics and the characteristics of the surrounding area, its condition and any renovations that may have been made
  • Estimating the value of property based on this evaluation
  • Writing reports on property valuations

If you wish to know more about real estate appraisals in Ontario and need information on the best and authentic schools offering the concerned courses, visit:

How can I get information about Real Estate appraisal in Ontario

The main educator in Ontario and the governing body that certifies you to become a Real Estate Agent in Ontario has a website, OREA, which offers information and courses about How to get started in Real Estate in Ontario!  You may read more about how to become a real estate agent

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This page has dealt with How to get started in Real Estate in Ontario, I hope you have found it useful.

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