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 t ...

or other value of a product, most notably real estate. The current definition of "appraiser" according to the

Uniform Standards of Professional Appraisal Practice Uniform Standards of Professional Appraisal Practice (USPAP) can be considered the quality control standards applicable for real property, personal property, intangible assets, and business valuation appraisal analysis and reports in the United Sta ...

(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 (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

, 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 Authority is commonly understood as the legitimate power of a person or group of other people. In a civil state, ''authority'' may be practiced by legislative, executive, and judicial branches of government,''The New Fontana Dictionary of M ...

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

inventory Inventory (British English) or stock (American English) is a quantity of 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 ...

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, also known as land acquisition, compulsory purchase, resumption, resumption/compulsory acquisition, or expropriation, is the compulsory acquisition of private property for public use. It does not include the power to take and t ...

. 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