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Real Estate Appraiser
An appraiser is someone who estimates that value of real property based upon its highest and best use. The highest and best use must be profitable and probable. An appraiser does not just guess the value of the real property. The value has to be based on the market value, condemnation value, quick sale value, etc. The value for improved residential property is often reported on a standardized form called the Uniform Residential Appraisal Report.
In the USA, the Appraisal Foundation, which is run by Congress, regulate appraisal standards. The Appraisal Foundation also periodically publishes the Uniform Standard of Professional Appraisal Practice (USPAP). The USPAP specifies the minimum standards and requirements that an appraisal report must meet. In the early 1990s, state licensing was established during the savings and loan crisis. Each state regulates licensure and enforcement. Moreover, there are private appraisal organizations, which are not-for-profits and have been around since the Great Depression of the 1930s.
Some of these organizations are the American Society of Farm Managers and Rural Appraisers, founded in 1929. Other organizations such as the Appraisal Institute and the American Society of Appraisers, and the International Right of Way Association and the National Association of Realtors were founded as needs and opportunities arose in specialized fields. Many of them were founded in the 1930s and after World War II. These organizations still exist today, and they continue to establish and enforce standards, but their influence has been reduced once the government enforces stronger regulations.
In the United Kingdom, real estate appraisal is called property valuation and a real estate appraiser is a known as a land valuer or property valuer.
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