Appraiser

An appraiser is a professional who prepares independent, objective opinions of value for assets and property. Appraisals are used in mortgage financing, taxation, insurance, sales, probate, and dispute resolution. Appraisers may specialize in real property, personal property such as jewelry and art, or business and equipment valuations.

In real estate, appraisers determine market value as of a specific date using three principal approaches: sales comparison (recently sold similar properties), cost (replacement or reproduction cost minus depreciation), and income (for income-producing properties, using capitalization). The appraiser analyzes physical characteristics, market conditions, and comparable data, reconciles the approaches to arrive at a final value opinion, and prepares a written report that includes methodology, data sources, assumptions, and limiting conditions. The appraisal process generally follows steps: define problem and scope, gather data, analyze data, apply valuation methods, reconcile results, and issue the report. Reports vary in detail and may be narrative, summary, or restricted in scope.

Standards and ethics: in the United States, appraisers commonly follow USPAP, administered by state licensing boards; many countries follow IVS or local standards. Appraisers must be properly licensed or certified, adhere to ethical requirements, avoid conflicts of interest, and maintain client confidentiality. Ongoing education and professional designations (for example, MAI for real property, ASA for personal property, or RICS membership) are common. The appraiser’s role is to provide a well-supported, unbiased value opinion to assist decision-making.