The Appraisal Institute has compiled a list of commonly asked questions about appraisers and appraisal:
Q: What is an appraisal (real estate)?
A: It is the process of valuation real property, usually to find market value.
Q: What are appraisers?
A: People who identify and provide values for real property, which can include real property, personal property, machinery and equipment, business valuation, and even appraisal review.
Q: What is defined as real property?
A: Real property is any property that is attached to the land, as well as the land itself. It not only includes buildings and improvements, but also rights and interests. It can be fee simple or leased fee.
Q: Why would I need an appraisal?
A: There are many needs for appraisals such as for litigation, managing planning, estate tax, and more. Please visit our Purpose & Use section of the website for more examples.