An appraiser develops and reports an opinion of value on a specific type of property. Appraisers may opt to specialize in various disciplines such as:
- Real Property Appraisal: the valuation of real estate. Real Property Appraisers can choose specialty practices such as residential, commercial, or agricultural.
- Personal Property Appraisal: encompasses all types of personal propertysuch as fine and decorative arts, antiques, gems and jewelry, and machinery and equipment.
- Business Valuation: valuing businesses including all tangible and intangible assets ranging from the value of equipment to the value of a business name or logo.
- Mass Appraisal: encompasses techniques that are used when valuing multiple types of real property or personal property using generally recognized formulas.
While most appraisers choose to specialize in just one area of practice, many appraisers practice in more than one discipline.
What skills are required to become an appraiser?
All appraisers must have good analytical skills and work well with numbers. In addition, appraisers spend much time interacting with clients and writing reports, so good oral and written communications skills are a must.
Does the government regulate appraisers?
Currently, the government regulates only real property appraisers. The power of regulation currently rests with the individual states and territories that issue licenses and certifications to real property appraisers. In addition, each individual state appraiser regulatory agency is responsible for disciplining appraisers.
At this time, there are no immediate plans for the regulation of appraisers who specialize in other types of property. To find out more information on how to become a real property appraiser, click here.