An appraisal is a professional estimate of the value of a property, which can include personal property, real estate, mass valuation, or business valuation. To become an appraiser, one must possess analytical skills and take several hours of classes in a chosen field of assessment. Professional organizations can provide hands-on experience and job opportunities.
An appraisal is a professional estimate of a property’s value. The item to be appraised can be a small individual piece, such as jewelry or art, or something larger, such as a home or business. In many cases, this estimate is necessary before a piece of art, jewelry, or even a home can be insured. Before a mortgage or home loan is approved, it will also need to be evaluated. This is important to ensure that the amount of the insurance or loan is equal to the value of the property.
There are several areas in which an evaluation can be made:
Personal Property: This includes items such as jewelry, fine china, artwork, pottery, antiques, and other heirlooms.
Real estate: It consists of evaluating the value of real estate.
Mass valuation: combines the valuation of personal property and real property.
Business Valuation: This type of appraisal assesses the value of a business, including equipment, services, logos and goodwill, tangible and intangible assets.
To become an appraiser, a person must be a good communicator and possess excellent analytical skills. It wouldn’t hurt to be good with numbers too. In order to give an evaluation, an individual will need to have some education first. In the United States, the Appraisal Foundation Board of Appraiser Qualifications has certain qualifications that must be met in order for someone to give their first estimate of value. The person will need to take several hours of classes in a chosen field of assessment, and may also need to pass an exam.
A college degree is not required to give an assessment, but people who want to receive their training through professional organizations may find it necessary. Once the training period is over, the student may be awarded an “appraiser designation,” which basically means that he or she has completed a certain course or program.
Many evaluators find it good to be part of a professional organization. In addition to the initial training they may receive, the group will also help people gain hands-on experience by setting up or allowing them to conduct assessments. Once a person gains some experience, the possibilities are endless. He or she may work for an insurance company, a museum, a jewelry chain, a bank, a law firm, or even the government.
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