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THE JOB
REAL ESTATE APPRAISERS are specialists in estimating the value of real
property. Real property consists of land, buildings, and natural resources
such as water, oil, or minerals. Estimates of value, known as appraisals,
are made when property is bought, sold, assessed, taxed, condemned, insured,
or mortgaged. They may also be required in divorce actions, when
partnerships are dissolved, and when property is listed as a business asset.
Appraisers, especially independent fee appraisers, may give expert
testimony in court. They may also act as consultants.
Real Estate Appraisers prepare a written description of the property and
make an estimate of its value. They may complete standardized checklists as
they evaluate the property and the neighborhood in which it is situated.
Appraisers obtain land values from county sources and sales information
about nearby properties. They also examine the income records and operating
costs of income properties. Appraisers estimate building replacement costs
using building valuation manuals and professional cost estimators. They
also verify legal descriptions of property with county records, measure the
property and compare the measurements with the legal descriptions. They
draw land diagrams and note conditions and special features of buildings.
Appraisers analyze and evaluate the data and prepare a written report
outlining methods by which the fair-market value was estimated. At times it
is necessary for a senior appraiser to review these reports. Appraisers
generally work alone; however, consultants may be used for more complex
appraisals. Computers are an indispensable tool in this complex work.
