We Get Asked

Posted on: August 15th, 2014 by Szilvia Mongelos

We’ve answered a few of the most commonly asked questions below. If we haven’t answered your question, give us a call at (301) 951-5500. For commercial inquiries, please choose extension #1 for Joseph L. Donnelly Jr, MAI. And for residential inquiries, please select extension #2 for James D. Donnelly, SRA.

Q. Are the residential appraisers at J. Lee Donnelly certified?
Yes, our appraisers are not only certified but every appraisal we provide is reviewed by our Senior Residential Appraiser (SRA).

Q. What is a qualified appraisal?
According to IRS rules and regulations, a qualified appraisal means an appraisal that is (1) treated as a qualified appraisal under regulations or other guidance prescribed by the Commissioner of the IRS, and (2) conducted by a qualified appraiser in accordance with generally accepted appraisal standards and any regulations or other guidance prescribed by the Commissioner.

Q. What does the SRA designation mean?
It is a designation that is earned from the Appraisal Institute after an appraiser meets certain requirements, including 181 hours of classroom instruction, 4,000 hours of experience and a demonstration appraisal report. Appraisers who have earned the SRA designation provide the very highest quality residential appraisal service. The SRA acronym used to signify Senior Residential Appraiser but is now acknowledged simply as SRA.

Q. What does the MAI designation mean?
The MAI designation is earned by real estate appraisers who are experienced in the valuation and evaluation of commercial, industrial and “other” types of real estate. The requirements to achieve the MAI designation are numerous. To achieve this goal an individual must meet very strict standards including rigorous education classes, ethics plus demonstrating knowledge in the appraisal of commercial assignments. The MAI designation has long been recognized by courts of law, government agencies, financial institutions and investors as a mark of excellence. Joseph L Donnelly, MAI has been a member in good standing since 1983.

Q. What is USPAP?
USPAP stands for the Uniform Standards of Professional Appraisal Practice. The USPAP is written by The Appraisal Foundation – an organization dedicated to promoting professionalism and ensuring public trust in the valuation profession.

Q. Why do I need a professional appraisal?
Your property is often the single largest financial asset you own. The same holds true for businesses. Knowing the true value of a property protects you from overpaying, accepting less than you should, or in cases where property must be divided between two or more parties, an accurate appraisal ensures that the property division is fair.

Q. What is your pricing?
The fee for your appraisal depends on the complexity of the assignment. Please give us a call at (301) 951-5500 for more information. For commercial inquiries, please choose extension #1 for Joseph L. Donnelly Jr, MAI. And for residential inquiries, please select extension #2 for James D. Donnelly, SRA.

Q. Approximately how long does it take to have an appraisal completed?
Each assignment has its unique complexities. Ideally, we can compare a residential report within 1-2 weeks and a commercial report within 30 days.

Q. Does J. Lee Donnelly have professional liability insurance?
Yes, we have E&O (Errors & Omissions) insurance.

Q. How do I get my appraisal, once it is completed?
We provide both electronic and paper copies of all transactions. We can mail them to you or send them electronically.

Q. How do I schedule a discussion with you?
To set up an appointment, please give us a call at (301) 951-5500. For commercial inquiries, please choose extension #1 for Joseph L. Donnelly Jr, MAI. And for residential inquiries, please select extension #2 for James D. Donnelly, SRA. A professional appraiser can answer all of your questions.