TL;DR
Can Realtors do appraisals? Not unless they're also separately licensed as appraisers. A Realtor® can prepare a comparative market analysis (CMA) to guide pricing and offers, but a home appraisal for lending or most formal purposes must be completed by a state-licensed or state-certified appraiser who follows USPAP and lender rules like Appraiser Independence Requirements. If financing is involved, your lender will order the appraisal from an independent appraiser.
Listen to this articleWhat Realtors Can & Can't Do
Realtors® are licensed real estate professionals who are members of the National Association of Realtors and adhere to a code of ethics. They guide pricing, marketing, and negotiation—and commonly produce a comparative market analysis (CMA) to estimate likely market value based on comparable sales.
Appraisers are independent valuation professionals. For mortgage lending and most formal valuation needs, the lender engages a state-licensed or state-certified appraiser to complete an appraisal that follows nationally recognized standards (USPAP) and lender rules.
Realtor® Deliverable: CMA
- Estimates likely market value using recent comparable sales
- Supports list price & offer strategy
- Not a formal valuation; not used by lenders
Appraiser Deliverable: Appraisal
- Independent, unbiased opinion of value
- Required by most mortgage lenders
- Follows USPAP & AIR
CMA vs. Appraisal: Methods, Data & Use Cases
Key distinction: A CMA informs pricing and negotiation. An appraisal determines collateral value for a loan and carries legal/financial weight with the lender.
How Each Is Built
Inputs Realtors Use (CMA)
- Recent local sales & active/pending comps
- Micro-location adjustments (schools, streets, amenities)
- Condition & presentation factors
Inputs Appraisers Use (Appraisal)
- Detailed property inspection & measurements
- Verified comparable sales & market trends
- Multiple approaches (sales comparison; sometimes cost/income)
Who Uses It
- CMA: Sellers & buyers (pricing/offers)
- Appraisal: Lenders & investors (collateral)
- Note: Buyers receive a copy of the appraisal in most cases (CFPB Reg B §1002.14).
Want a deeper dive on levers that move appraised value? Explore our guide: What Increases (and Decreases) The Appraised Value of a Home?
Licensing, Standards & Law: Why Most Realtors Can't Do Appraisals
Appraisal practice is governed by national standards and state licensure. The Appraiser Qualifications Board (AQB) sets minimum education, experience, and exam criteria that states adopt for licensure. Appraisers must also comply with USPAP, the Uniform Standards of Professional Appraisal Practice.
For most mortgages, lenders must order appraisals independently and ensure the appraiser is insulated from pressure or conflicts, per the GSEs' Appraiser Independence Requirements (AIR). FHA loans are guided by HUD Handbook 4000.1 and related appraisal delivery rules.
Bottom line: A Realtor® may prepare a CMA, but a formal appraisal must be conducted by a state-licensed or state-certified appraiser who follows USPAP and lender guidelines.
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When You Still Need a Full Appraisal
- Most purchase loans: Lenders order an independent appraisal to confirm collateral value (conventional, FHA, VA).
- Refinances: Required in many cases unless an appraisal waiver applies.
- Jumbo & specialty loans: Often stricter, may require additional valuation checks.
- Estate, divorce, or tax matters: Attorneys and courts typically require an appraiser's report.
- Cash deals: Optional, but wise for risk control.
If you're simply researching value, start here: What's It Worth? How to Determine the Value of Your Home.
The Risks of Relying Only on Agent Valuations
CMAs are excellent for market positioning but aren't built for lender underwriting. Over-reliance can lead to mispricing, appraisal shortfalls, or contract friction.
Overpricing Risk
Even a small premium over recent comps can shrink your buyer pool and elevate appraisal risk later.
Confirmation Bias
CMAs are prepared by an advocate (your agent). Appraisers must remain impartial and independent.
Financing Fallout
Low appraisals can trigger price renegotiation, larger down payments, or loan denial.
How Realtors & Appraisers Work Together
Great agents support the process while respecting independence. Typical best practices include:
- Providing a clean, accessible property with a clear list of material upgrades
- Sharing relevant comps and neighborhood insights (without pressuring the appraiser)
- Coaching clients on next steps if the appraisal comes in low (rebuttal package, price change, or loan options)
Tip: Keep receipts and permits for improvements; accuracy and documentation help appraisers make well-supported adjustments.
Dual-Licensed Pros: The Small Exception
Some professionals hold both a real estate license and an appraiser license. They can perform either role—but not both on the same transaction due to conflicts of interest and independence rules.
Match with a top-performing Realtor® for pricing strategy, marketing, and negotiation.
Quick FAQ: Can Realtors Do Appraisals?
Can a Realtor® provide an appraisal for my lender?
No. Lenders require an independent appraiser who meets state licensing and USPAP standards. See Fannie Mae AIR and CFPB §1002.14.
Is a CMA the same as an appraisal?
No. A CMA is a marketing/pricing tool; an appraisal is a formal, lender-grade valuation.
Do cash buyers need appraisals?
Not required by a lender, but prudent for risk management—especially in opaque or rapidly changing markets.
Who orders the appraisal?
The lender (or their AMC) orders it to preserve independence; you're entitled to a copy under federal rules.
Talk to a vetted Realtor® before you list or write an offer.
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Sources & Standards: AQB Qualification Criteria; USPAP; Fannie Mae Appraiser Independence Requirements; CFPB Reg B §1002.14 (Copies of Appraisals); HUD Handbook 4000.1.
This content is for informational purposes and not legal, tax, or lending advice. Appraisal and licensing rules vary by state; always consult your lender and a state-licensed appraiser. EffectiveAgents® does not provide appraisal services.
