A real estate appraiser estimates the value of property for others. Many times, this type of property appraisal might be required such as in the case of a financed sale of real estate. Appraisals can also be ordered for large residential property developments, commercial property, vacant land, industrial property and much more. While a real estate agent would be working on the sales transaction, the appraiser would be developing an objective opinion of value on the subject property.
Appraisers may also opt to specialize in various disciplines such as:
- Real Property Appraisal – is the valuation of real estate. Real property appraisers can choose specialty practices such as residential, commercial, or agricultural.
- Personal Property Appraisal – encompasses the valuation of all types of personal property such as fine arts, antiques, gems and jewelry, and also machinery and equipment.
- Business Valuation – the valuation of business and includes all tangible and intangible assets ranging from the value of equipment to the value of a business name or logo.
- Mass Appraisal – encompasses the valuation of multiple types of real property or personal property using generally recognized formulas and statistical models.
While most appraisers choose to specialize in just one area of practice, many appraisers practice in more than one discipline.