In most instances, an appraiser will spend their time determining the value of one piece of property at a time. Building up their expertise in making their assessments often leads appraisers to specialize in a particular area of real estate. For example, a commercial appraiser could focus on the market for office buildings, hotels, retail locations, and other properties that include an income generating quality.
In the UK, real estate appraisal is known as property valuation and a real estate appraiser is a land valuer or property valuer (usually a qualified chartered surveyor who specializes in property valuation).[15] Property valuation in the UK is regulated by the Royal Institution of Chartered Surveyors (RICS), a professional body encompassing all of the building and property-related professions. The RICS professional guidelines for valuers are published in what is commonly known as the Red Book. The 2011 version was the RICS Valuation Standards 7th Edition (2 May 2011), superseding an edition published in 2007 with later amendments. The RICS Valuation Standards contains mandatory rules, best practice guidance and related commentary. Changes to the standards are approved by the RICS Valuation Professional Group Board, and the Red Book is updated accordingly on a regular basis. While based in the UK, RICS is a global organization and has become very active in the United States in recent years through its affiliation with the Counselors of Real Estate, a division of the National Association of Realtors.
Lenders want to make sure that homeowners are not overborrowing for a property because the home serves as collateral for the mortgage. If the borrower should default on the mortgage and go into foreclosure, the lender will recoup the money it lent by selling the home. The appraisal helps the bank protect itself against lending more than it might be able to recover in this worst-case scenario.
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