A real estate appraisal involves the process of developing an opinion of value for real property. Real estate appraisers consider a variety of factors when developing their opinions, including: the property’s location, size, condition, and recent sales of similar properties.
Real estate appraisals are used for a variety of purposes, including: obtaining financing, settling estates, and determining property taxes. Real estate appraisers must be licensed or certified in the state in which they work. To become a real estate appraiser, individuals must typically complete a combination of education and experience requirements.