Frequently Asked Questions
Below are some of the most common questions we receive from lenders, lawyers, and commercial real estate professionals. For additional help, please call our office and we will be happy to address your questions directly.
Are you a licensed appraiser?
What areas of New Jersey do you normally cover?
What type of property do you appraise?
What is the source of the market data you use to arrive at value?
How long does it take?
Have you testified in Superior Court relative to your appraisal?
What is an appraisal?
An appraisal is the act or process of developing an opinion of value. The Appraisal Approach is a systematic process of developing an opinion of value. Depending on the nature of the property, purpose of the assignment, and scope of work, three approaches may be applied: sales comparison, income capitalization, and cost approaches or variations thereof.
In the United States, professional standards, developed for appraisers and users of appraisal services by the Appraisal Standards Board of The Appraisal Foundation, that are required for use in federally related transactions. Compliance with USPAP is also required in certain appraisals by state certification and licensing boards.
A USPAP compliant appraisal may run anywhere from $800 to $10,000 (depending on the size of the property) and usually takes from 2-5 weeks to prepare.
Are you an MAI?
Patrick Ard and Joseph Traks both hold the MAI designation of the Appraisal Institute.
The MAI membership designation is held by professionals who provide a wide range of services on all types of real property related to providing opinions of value, evaluations, review, consulting and advice on investment decisions, among other things. To become a MAI Designated member of the Appraisal Institute, an individual must:
- Have good moral character;
- Be a Certified General Real Property Appraiser (or meet equivalency)
- Hold bachelor's degree or higher (or be a Certified General Real Property Appraiser)
- Meet standards and ethics requirements;
- Pass rigorous education requirements;
- Pass a final comprehensive examination;
- Receive credit for specialized experience that meets strict criteria; and
- Receive credit for the demonstration of knowledge requirement.
These individuals have the necessary commercial property valuation experience and knowledge to produce a valuation that ensures confidence. MAI Designated members agree to adhere to the Appraisal Institute Code of Professional Ethics and Standards of Professional Practice, underscoring a commitment to sound and ethical professional practice.
The completion of continuing education requirements assures that MAI Designated members remain informed on trends and changes pertaining to real property valuation, enabling them to provide valuations that reflect the latest in professional practice.
The MAI designation has long been recognized by courts of law, government agencies, financial institutions, and investors as a mark of excellence in the field of real estate valuation and analysis.
Do you appraise "out-of-state?"
Have you appraised "special purpose" properties?
Are you qualified in "eminent domain" and condemnation matters?
Appraising real property for such purposes has been a major component of our business from its beginning in 1965. Multiple assignments for the NJDOT for the R.O. W. acquisition of Routes 195, 33, 24, 78 and 9. My office appraised the Jersey City-Hudson River water front properties for the N.J. Department of Environmental Protection that has become the Liberty State Park.
More recently we have appraised a substantial number of industrial and commercial properties for the N.J. Turnpike Authority for the road widening program through Middlesex and Mercer County.
Are you familiar with "partial takings" and easements?
Do you appraise houses?
Ard Appraisal has a licensed and certified residential appraiser that specializes in such assignments for relocation, estate and equitable distribution purposes.
How much do you charge?
When Ard Appraisal and the client agree on the appraisal problem, and after a review of the property is conducted, a firm fee proposal is made in writing and agreed upon.