Monday, September 30, 2013

Role of the Appraiser in Real Estate


The valuation of real property is one of the most fundamental activities in the real estate business. Its role is particularly critical in the transfer of real property, since the value of a parcel establishes the general price range for the principal parties to negotiate.
 
Real estate value in general is the present monetary worth of benefits arising from the ownership of real estate . The primary benefits that contribute to real estate value are:
  • income
  • appreciation
  • use
  • tax benefits. 
The purpose of an appraisal influences an estimate of the value of a parcel of real estate. This is because there are different types of value related to different appraisal purposes. 
    While most appraisals seek to estimate market value, any of the types of value may be the objective of an appraisal. An appraisal is distinguished from other estimates of value in that it is an opinion of value supported by data and performed by a professional, disinterested third party. Appraisers acting in a professional capacity are also regulated by state laws and bound to standards set by the appraisal industry. 

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