An appraiser (from Latin ''appretiare'', "to value"), is a person that develops an opinion of the

market value Market value or OMV (Open Market Valuation) is the price at which an asset would trade in a competitive auction setting. Market value is often used interchangeably with ''open market value'', ''fair value'' or ''fair market value'', although the ...

or other value of a product, most notably real estate. 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 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 or quasi-judicial

authority In the fields of sociology and political science, authority is the legitimate power of a person or group over other people. In a civil state, ''authority'' is practiced in ways such a judicial branch or an executive branch of government.''The N ...

to put a valuation on property, ''e.g.'' on the items of an

inventory Inventory (American English) or stock (British English) refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. Inventory management is a discipline primarily about specifying the shap ...

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. 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. § 2609).

References

{{Authority control Real estate valuation Government occupations Business occupations Visual arts occupations Home inspection Valuation professionals

Usage

See also

References