An appraiser (from Latin ''appretiare'', "to value"), is a person that develops an opinion of the
market value or other value of a product, most notably
real estate
Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more general ...
.
The current definition of "appraiser" according to the
Uniform Standards of Professional Appraisal Practice (USPAP) is: "One who is expected to perform valuation services competently and in a manner that is independent, impartial and objective." USPAP further comments on this definition: "Such expectation occurs when individuals, either by choice or by requirement placed upon them or upon the service they provide by law, regulation, or agreement with the client or intended users, represent that they comply."
To be a real property appraiser in the United States, an individual must be licensed as an appraiser by the state in which they practice. This real property appraisal license is based on a background investigation, an understanding of USPAP and compliance of all associated state laws and regulations. Appraisers of other assets, such as personal property appraisers or business appraisers, have no state licensing requirements.
The actual valuation service provided by appraisers typically involves development of an opinion of value based on one or more of three common methods for arriving at value:
* sales comparison approach (SCA)
* cost approach (CA)
* income approach (IA)
Usage
In the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...
, the most common usage relates to real estate and personal property appraisals, while the term is often used to describe a person specially
appointed by a
judicial
The judiciary (also known as the judicial system, judicature, judicial branch, judiciative branch, and court or judiciary system) is the system of courts that adjudicates legal disputes/disagreements and interprets, defends, and applies the law ...
or quasi-judicial
authority to put a valuation on property, ''e.g.'' on the items of an
inventory of the Tangible Property of an Estate (IRS law) of a deceased person or on land taken for public purposes by the right of
eminent domain
Eminent domain (United States, Philippines), land acquisition (India, Malaysia, Singapore), compulsory purchase/acquisition (Australia, New Zealand, Ireland, United Kingdom), resumption (Hong Kong, Uganda), resumption/compulsory acquisition (Austr ...
. Appraisers of imported goods and boards of general appraisers have extensive functions in administering the customs laws of the United States. Merchant appraisers are sometimes appointed temporarily under the revenue laws to value where there is no resident appraiser without holding the office of appraiser (U.S. Rev. Stats. ยง 2609).
See also
*
Auction
*
Valuation (finance)
References
{{Authority control
Real estate valuation
Government occupations
Business occupations
Visual arts occupations
Home inspection
Valuation professionals