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<td height="609"><a name="#beginning"><font color="#FFFFFF">Beginning</font></a>
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<div align="center"><font face="Arial, Helvetica, sans-serif"><b><font color="#000000">Wyoming
Chapter of ASFMRA</font></b></font> </div>
<p><font face="Arial, Helvetica, sans-serif">The Wyoming Chapter
of the ASFMRA stands for, promotes and represents the same professional
standards & ethics and strives for the same ideals as the national
organization. The members work daily with our citizens on a grass
roots level, bringing them the dependable and reliable service
they expect and deserve from a professional organization. <br>
<br>
Appraisals of agricultural enterprises and rural properties demand
a qualified expert who understands the complexity and intricacy
of modern agriculture and today's rural environment. Rural appraises
are trained to render an accurate opinion of value, whether it
be the family farm, a rural recreational property or a major national
agribusiness property. <br>
<br>
Rural appraisers are educated through the ASFMRA are prepared
to provide a sophisticated analysis of the land; can explore soil
type, water quality and availability; crop potential and other
key ingredients to establish value for that particular piece of
land; and have a network of colleagues around the country qualified
to provide expert appraisal opinions on everything from agricultural
land to grain elevators, feed lots and farm supply dealerships.
<br>
<br>
Their areas of expertise might be natural resources, condemnation,
partial interests, business and/or personal property valuations,
and/or complex properties such as permanent plantings, processing
facilities, transitional or recreational properties, etc. The
comprehensive appraisals prepared by a well educated rural appraiser
for clients such as lending institutions, governmental agencies,
attorneys, CPA's, and private individuals or businesses, is an
assurance of a superior evaluation for agricultural enterprises
and rural properties. </font>
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<p><font color="#FFFFFF"><a name="#beginning"><font color="#000000">Frequently
Asked Questions</font></a></font>
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<div align="center"><font color="#330099"><a href="#1"><font face="Arial, Helvetica, sans-serif" size="2">Appraisers
Develop Property Value</font></a></font></div>
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<div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#330099"><a href="#2">What
is an Appraisal</a></font></div>
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<div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#330099"><a href="#3">What
is an Appraiser</a></font></div>
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<div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#330099"><a href="#4">What
Do Appraisers Do</a> </font></div>
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<div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#330099"><a href="#5">Appraisers
& Lenders-What is the Appraiser's Role</a></font></div>
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<div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#330099"><a href="#6">What
is Market Value</a></font></div>
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<div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#330099"><a href="#7">What
Does the Appraiser Need From Me</a></font></div>
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<div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#330099"><a href="#8">Can
the Appraisal Be Used for Another Lender</a></font></div>
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<div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#330099"><a href="#9">Who
"Owns" the Appraisal</a></font></div>
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<div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#330099">
<a href="#10">Who Gets the Appraisal Report</a></font></div>
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<p align="left"><font face="Arial, Helvetica, sans-serif"><a name="1"><b><font size="3">Appraisers
Develop Property Values:</font></b></a> <br>
<font size="2">Certified rural appraisers are experts in developing
rural property values for:</font> </font>
</font></div>
<ul>
<li><font face="Arial, Helvetica, sans-serif" size="2">Buyers and sellers
needing an opinion of market value. </font>
<li><font face="Arial, Helvetica, sans-serif" size="2">Mortgage loan
purposes. </font>
<li><font face="Arial, Helvetica, sans-serif" size="2">Banks and other
trustees handling rural real estate belonging to others. </font>
<li><font face="Arial, Helvetica, sans-serif" size="2">Attorneys handling
cases where the value of rural property is involved. </font>
<li><font face="Arial, Helvetica, sans-serif" size="2">Owners of rural
lands involved in; eminent domain takings (by negotiation or condemnation);
inheritance, estate, gift or real estate questions; partition or division
of land ownership; litigation, concerning land valuation; the process
of incorporating their holdings. </font>
<li><font face="Arial, Helvetica, sans-serif" size="2">Anyone, who for
purpose, needs an accurate measurement of the value of rural real
estate.</font>
</ul>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><a href="#beginning"><font size="2" color="#330099">Back
to Top</font></a></b></font>
<p> <a name="2"> <b><font face="Arial, Helvetica, sans-serif">What is
an appraisal?</font></b><font face="Arial, Helvetica, sans-serif"><br>
</font></a>
<font size="2" face="Arial, Helvetica, sans-serif">An appraisal is defined
as an opinion of value by professional appraisal standards (Uniform Standards
of Professional Appraisal Practice, see below). Appraisers consider appraising
to be both an art and a science. You probably have an opinion of the value
of your home or property. Your opinion and a professional appraiser's
opinion may be the same. But appraisers are required to be objective and
impartial in their analyses and opinions.
<p>A professional appraiser has been trained in appraisal methodology
and looks at how your property compares with sales and listings of real
estate similar to yours. Appraisers consider many factors such as price
trends, amenities, proximity to schools, business districts, freeways,
recreational benefits, etc. and prepares a report reflecting the opinions,
analysis and conclusions arrived at during the process.
</font>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><a href="#beginning"><font size="2" color="#330099">Back
to Top</font></a></b></font>
<p><font face="Arial, Helvetica, sans-serif"> <b><a name="3"></a>What
is an appraiser?</b><br>
<font size="2">An appraiser is a real estate professional who specializes
in providing opinions of value (appraisals). Most appraisers are real
estate appraisers, who specialize in real property. Other appraisers
specialize in other types of property, such as gems or machinery and
equipment. Professional appraisers have taken courses and been supervised
during their training period. State licensed and certified appraisers
must pass a test and have completed basic education and continuing education.
Most states also require a period of supervision, usually 2,000+ hours
before being able to do appraisals "on their own." </font></font>
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<div align="left"><b><a name="4"></a>What do appraisers do?</b><br>
<font size="2">The property inspection is really the "tip of the iceberg"
of the work they do. They research public record information, get a
plat map, check the zoning, flood data and research sales and listings
of similar properties. During the inspection, they make a drawing of
the dwellings and other improvements such as a garages, barns, shops,
sheds, etc.. They make notes on physical characteristics such as the
quality and condition of buildings and the materials, check the site
boundaries against a plat map and look at the adjacent properties. </font></div>
</font>
<p align="left"><font size="2" face="Arial, Helvetica, sans-serif">They
select comparable sales and/or listings and take photos of them, contact
real estate agents for more information on the sales terms, condition
of the properties, etc., reconcile conflicting information from different
data sources, and write up the report. Total time? About 6-8 hours on
average for a house, in a metropolitan area where data is computerized
and plentiful. Appraisers working in rural areas or with less data availability
will take longer to complete an appraisal. </font>
<p align="left"><font face="Arial, Helvetica, sans-serif" size="2">Appraisals
of income producing property such as rental units, commercial buildings,
farms or ranches are much more time consuming as more research and analysis
is required. The time can vary from a few days on a small apartment
building to many weeks for a large, complex property. </font>
<p align="left"><font face="Arial, Helvetica, sans-serif" size="2">For
many years, the appraisal process has been seen by many as mysterious.
This is partly the fault of appraisers, as we have not informed the
public of what we really do.</font>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><a href="#beginning"><font size="2" color="#330099">Back
to Top</font></a></b></font>
<p align="left"><font face="Arial, Helvetica, sans-serif"><b><a name="5"></a>Appraisers
and lenders - What is the appraiser's role?</b> <br>
<font size="2">Most appraisals are done for mortgage lenders. Most appraisers
work for lenders, particularly if they specialize in appraising real
estate. The appraiser's role is to provide an objective, unbiased opinion
of value "market value" to the lender. Appraisers work for the lenders,
not the owners, buyers, or sellers, even if one of them pays for the
appraisal by writing a check to the appraiser. Federal banking regulations
require that the lender order the appraisal. This was a result of regulations
coming from the Savings and Loan scandals in the late 1980s.</font></font>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><a href="#beginning"><font size="2" color="#330099">Back
to Top</font></a></b></font>
<p align="left"><font face="Arial, Helvetica, sans-serif"> <b><a name="6"></a>What
is Market Value?</b><br>
<font size="2">Market value is defined in The Dictionary of Real Estate
Appraisal, third edition and clarified by the Appraisal Institute in
June 1992 as:</font></font>
<p align="left"><font face="Arial, Helvetica, sans-serif" size="2"> The
most probable price which a specified interest in real property is likely
to bring under all of the following conditions:</font>
<p align="left">
<div align="left">
<ul>
<li><font face="Arial, Helvetica, sans-serif" size="2">Consummation
of a sale occurs as of a specified date. </font>
<li><font face="Arial, Helvetica, sans-serif" size="2">An open and
competitive market exists for the property interest appraised. </font>
<li><font face="Arial, Helvetica, sans-serif" size="2">The buyer and
seller are each acting prudently and knowledgeably. </font>
<li><font face="Arial, Helvetica, sans-serif" size="2">The price is
not affected by undue stimulus. </font>
<li><font face="Arial, Helvetica, sans-serif" size="2">The buyer and
seller are typically motivated. </font>
<li><font face="Arial, Helvetica, sans-serif" size="2">Both parties
are acting in what they consider their best interest. </font>
<li><font face="Arial, Helvetica, sans-serif" size="2">Marketing efforts
were adequate and a reasonable time was allowed for exposure in
the open market. </font>
<li><font face="Arial, Helvetica, sans-serif" size="2">Payment was
made in cash in U.S. dollars or in terms of financial arrangements
comparable thereto. </font>
<li><font face="Arial, Helvetica, sans-serif" size="2">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.</font>
</ul>
</div>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><a href="#beginning"><font size="2" color="#330099">Back
to Top</font></a></b></font>
<p align="left"><font face="Arial, Helvetica, sans-serif"> <b><a name="7"></a>What
does the appraiser need from me?</b><br>
<font size="2">No one knows your property as well as you! Make a list
of all the special features, such as a remodeling of buildings, soil
types, irrigated acres & water rights, production records, etc., or
at least tell the appraiser about them. Let the appraiser know if a
nearby property was listed and sold, as sometimes sales don't show up
on the local MLS or other data sources.</font></font>
<p align="center"><font face="Arial, Helvetica, sans-serif"><b><a href="#beginning"><font size="2" color="#330099">Back
to Top</font></a></b></font>
<p align="left"><font face="Arial, Helvetica, sans-serif"> <b><a name="8"></a>Can
the appraisal be used for another lender?</b><br>
<font size="2">Sometimes appraisals can be used for another lender.
The original lender must release the appraisal for use with a new lender.
Also, the appraisal must be relatively recent, typically no more than
6 months old. </font></font>
<p align="left"><font face="Arial, Helvetica, sans-serif"><br>
<b><a name="9"></a>Who "owns" the appraisal?</b> <br>
<font size="2">The appraisal is "owned" by the client who ordered it
(engaged the appraiser). If a lender ordered it, the lender owns it,
even if you paid for it. If you ordered it for non-lending purposes,
you own it. </font></font>
<p align="left"> <br>
<a name="10"><font face="Arial, Helvetica, sans-serif" size="3"><b>Who
gets the appraisal report?</b> <br>
<font size="2">By federal law, you are entitled to receive a copy of
the appraisal from your lender. Unfortunately, appraisers are not permitted
to provide you a copy of the appraisal. </font></font></a>
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<div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#330099">American
Society of Farm Managers <br>
& Rural Appraisers<br>
<a href="http://www.asfmra.org" target="_blank">www.asfmra.org</a></font></div>
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<div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#330099">Appraisal
Institute<br>
<a href="http://www.appraisalinstitute.org" target="_blank">www.appraisalinstitute.org</a></font></div>
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<div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#330099">WY
Chapter Appraisal Institute<br>
<a href="http://www.wyo-ai.com" target="_blank">www.wyo-ai.com</a></font></div>
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<div align="center"><font face="Arial, Helvetica, sans-serif" size="2" color="#330099">The
Appraisal Foundation<br>
<a href="http://www.appraisalfoundation.org" target="_blank">www.appraisalfoundation.org</a></font></div>
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