Frequently Asked Questions
Communities that participate in the National Flood Insurance Program (NFIP) write local ordinances regulating the permitting of new construction, and the permitting of repairs/improvements to existing structures. This is intended to reduce the public risk of losses due to flooding. Proposed repairs/improvements to structures that are below the minimum elevation required by local ordinance are subject to a budget limitation that is 50% of the value of the structure (the 50% Rule). The preferred method of establishing the value of such a structure is a professional appraisal made by a state certified appraiser. This is specialized appraisal work done by only a few qualified appraisers. Ray Carroll is a specialist in making FEMA 50% Rule appraisals. In addition to his appraisal designations, he holds the CFM designation conferred by the Association of State Floodplain Managers. More information about this specialty is available for download at https://www.carrollandcarroll.com. Click on the Client Services tab at top right of our home page, enter the username “floodplain” and the password “manager”.
We might also look at the website under “Services”, “residential” and change the wording under “We specialize in:” Instead of “FEMA permitting appraisals”, let’s say “50% Rule permitting appraisals”, and maybe add another, “Fractional interest appraisals”
We provide traditional appraisal services and specialized real estate consulting services. We are qualified to give testimony at the county court, circuit court, and federal court levels. Our services include, but are not limited to: appraisals for estate settlement, buy/sell decisions, mortgage loan underwriting, general litigation, condemnation, insurable value, FEMA 50% Rule permitting, valuation of fractional interests, portfolio management, etc.
All of our appraisers are subject to certification requirements of the State of Florida. In addition, some of us hold professional appraisal designations conferred by the Appraisal Institute. Holders of the SRA designation have demonstrated expertise in the appraisal of residential properties. Those holding the MAI designation have demonstrated expertise in the appraisal of a variety of property types other than residential. Additional information about Appraisal Institute designation is available at http://www.appraisalinstitute.org/designation-requirements/
Ray Carroll also holds the CFM designation. This signifies that he has met the academic and testing requirements of the Association of State Floodplain Managers (ASFPM). More about the ASFPM is available at https://www.floods.org/index.asp?menuID=793&firstlevelmenuID=179&siteID
Most appraisals are reported in writing although in certain circumstances an appraiser may provide an oral appraisal. An appraisal report generally contains: a recital of the assignment parameters; a description of subject property and its locale; an analysis of subject property “highest and best use”; application of one or more valuation methods; and the appraiser’s certification and limiting conditions.
No. We appraise only the real estate. If you need a personal property appraiser let us help you find one who is professional and qualified.
Yes, all of us strive to stay current with requirements imposed by the State of Florida and by the Appraisal Institute.
All of our appraisers are subject to certification requirements of the State of Florida. In addition, some of us hold professional designations conferred by the Appraisal Institute. Holders of the SRA designation have demonstrated expertise in the appraisal of residential properties. Those holding the MAI designation have demonstrated expertise in the appraisal of a variety of property types other than residential. Additional information about Appraisal Institute designations is available at http://www.appraisalinstitute.org/designation-requirements/
Yes, all appraisers with this firm are state-certified. Some also hold professional designations conferred by the Appraisal Institute. Be sure to tell us if you need an appraiser with specific qualifications.
The real estate market rate of change determines how quickly an appraisal becomes stale. In a fast-changing market an appraisal might be obsolete in less than six months. During a stagnant market values might not change for a year or more. That is a good reason not to order an appraisal until there is a need. Most institutional users of appraisal services have policies governing how old an appraisal can be before it is considered obsolete.
Appraisers form opinions and then report. An appraisal report is the property of the client. The client specifies to whom the report is delivered. The appraiser is not at liberty to share a client’s report with anyone else.
Yes, if you are the appraiser’s client, or if the appraiser’s client authorizes him/her to give you a copy. Otherwise, appraisers are obligated by law to keep the appraisal confidential.
Like other professionals, appraisers are known by their business community. Ask an attorney or REALTOR® you trust to recommend an appraiser. In terms of credentials, look for someone who is state-certified and someone who holds one of the professional designations (SRA, MAI) conferred by the Appraisal Institute.
Yes, maybe so. If you have a situation where both parties want to move forward, but aren’t sure about value, we suggest first agreeing on one appraiser in whom both parties have confidence, then agreeing on the instructions to be given to the appraiser, and finally agreeing to share the appraisal fee. In most cases this is better than each party hiring an appraiser of their own.
Maybe. An appraisal can be a useful tool, but only if you know what questions you want answered. In general, our advice is don’t order an appraisal until you know how it can be used. Typical intended uses are to establish a basis value for taxation, to underwrite a mortgage loan, or to decide what price to ask or offer. Appraisals have a relatively short shelf life, often no more than six months. Call us to discuss your needs.
It depends on what appraisal services are needed and how busy we are. We are always willing to discuss your needs and we’ll be honest about our delivery schedule. Call us to discuss. In general, residential appraisal services can be delivered in 10 days or less. The same is usually true of commercial appraisal services. We keep our promises so at any given time there might be a wait as we complete other assignments already promised.
We provide traditional appraisal services and specialized real estate consulting services. We are qualified to give testimony at the county court, circuit court, and federal court levels. Our services include, but are not limited to: appraisals for estate settlement, buy/sell decisions, mortgage loan underwriting, general litigation, condemnation, insurable value, FEMA permitting, the valuation of partial interests, portfolio management, etc.
The role of the appraiser is to provide objective, impartial and unbiased opinions about the value of real property. In this way, he/she provides assistance to those who own, manage, sell, invest in and/or lend money on real estate.
An appraisal is a professional appraiser’s opinion of value. An appraisal report may be delivered orally, but usually it is a written document. Appraisals are used to establish value as of a specific date and under specified conditions. Buyers and sellers use appraisals to help negotiate sales. Lenders use appraisals to help underwrite loans secured by real estate. When parties can’t agree, courts of law recognize the testimony of qualified appraisers as expert witnesses.
Carroll & Carroll was founded in 1984. The original principals, Ernie Carroll and his son Ray, began appraising together in 1975.
The task of an appraiser is to learn all about the property being appraised, study how the property relates to its market area, then gather and analyze listings, sales, costs, leases and other market data in order to make rational comparisons that result in one or more indications of value. There are three traditional approaches to estimating value; the direct sales comparison approach, the cost-depreciation approach and the income-capitalization approach. Often, an appraiser has to reconcile two or more approaches to reach a final conclusion. Finally, the appraiser must communicate the appraisal in a manner that is not confusing or misleading. Almost all appraisers are governed by the Uniform Standards of Professional Appraisal Practice (USPAP). You can learn more about USPAP at: http://www.uspap.org/