Business, Legal & Accounting Glossary
A person whose job is to assess the monetary value of something.
n. a professional who makes appraisals of the value of property. Some specialize in real property, and others in other types of assets from rugs to rings. A careful, well-trained and practical appraiser may be more important than any other professional in a transaction since one who grossly undervalues or overvalues property (or has no knowledge of true value) can wreak havoc. Where possible, a person should ask for a profile of other clients and training, and ask whether the appraiser is “MAI” (Member, Appraisal Institute).
An appraiser is a person educated and trained to set an unbiased value on real or personal property. The term appraiser comes from the Latin word appretiare, which means to value. An appraiser is contracted to examine, research, consult and/or report on the worth of a specified property. The process that an appraiser uses is called an appraisal. An appraiser can be involved in commercial and residential properties, artwork, horses and jewellery, among others. The most common type of appraiser is a real estate appraiser. A real estate appraiser examines and determines the market value of properties based on condition and the selling prices of comparable properties. Banks will request the services of an appraiser to help them determine feasible loan amounts. Often a court will appoint an appraiser to value the estate of a deceased person or on land seized for public purposes under the rights of eminent domain. Another common type of appraiser is an art appraiser. An art appraiser not only determines the value of a piece of artwork, but the appraiser also proves authenticity. Typically, an appraiser is certified by a regulatory agency.
Valuator, Authenticator
Appraisal
Real estate
Succession
Current monthly income
Real estate agent
Real property
Property
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This glossary post was last updated: 8th October, 2021 | 2 Views.