Which type of appraisal can a state-licensed residential appraiser perform?

A state-licensed residential appraiser in New Mexico is authorized to perform appraisals specifically limited to non-complex, one- to four-unit residential properties valued under $1 million. This designation is aligned with the licensing requirements and the type of properties that residential appraisers are trained and qualified to assess.

Appraisals for these residential properties involve assessing factors like location, property condition, and comparable sales in the area. The focus on non-complex properties ensures that the appraiser is working within their designated level of expertise and compliance with regulatory standards.

In contrast, appraisals for all types of properties, including complex assessments or commercial properties, require a higher level of certification, which a state-licensed residential appraiser does not possess. This structure helps maintain consistency and integrity in the appraisal process, safeguarding both consumers and the real estate market.