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Real estate appraisal
, 
property valuation
or 
land valuation
is the 
process of valuing real property (usually market value). Real estate transactions require 
appraisals because they occur infrequently and every property is unique (especially their 
location, a key factor in valuation), unlike corporate stocks, which are traded daily and are 
identical. Appraiser reports form the basis for mortgage loans, settling estates and divorces, 
taxation, and so on. Sometimes the report is 
used by both parties to set the sale price of a 
property. 
Most, but not all, countries require 
appraisers to be licensed or certified. 
Appraisers are often known as "property 
valuers" 
or 
"land 
valuers"; 
in British 
English they are "valuation surveyors". If the 
appraiser's opinion is based on market value, then it must also 
be based on the highest and best use of the real property. For mortgage valuations of improved 
U.S. residential properties, appraisals are generally reported on a standardized form like 
the Uniform Residential Appraisal Report. Appraisals of more complex properties (e.g., income-
producing, raw land) usually include a narrative appraisal report. 
Types of value.
There are several types and definitions 
of value sought by a real estate appraisal. Some of the most 
common are: 

Market value
 – the price at which an asset would trade 
in a competitive Walrasian auction setting. Market value is 
usually interchangeable with open market value or fair value. 
International Valuation Standards (IVS) define: 
Market value
– the estimated amount for which an asset or liability should exchange on 
the valuation date between a willing buyer and a willing seller in an arm's length transaction, 
after proper marketing and where the parties had each acted knowledgeably, prudently and 
without compulsion.
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