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Real estate appraisal, property valuation or land valuation is the process of assessing the value of real property (usually market value). Real estate transactions often require appraisals because every property has unique characteristics.
The founder members were a number of professional institutes mainly concerned with real property valuation. The Committee changed its name in 1994 to the International Valuation Standards Committee, and from the late 1990s started to include member organisations concerned with the valuation of assets other than real property.
In some jurisdictions, the assessed value is meant to equal the market value of a property. In other areas, the market value is multiplied by an assessment ratio to arrive at the assessed value. Once a tax assessor determines the assessed value, it is multiplied by a tax rate, called a "mill rate," to arrive at the amount of the property tax. [1]
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RICS also supports the Chartered Surveyors Training Trust, which helps young people enter the profession through apprenticeships; [64] Charity Property Help, which provides property advice to charities and voluntary organisations, [65] and The Chartered Surveyors' Voluntary Service (CSVS), a registered charity providing free property advice to ...
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A mortgage valuation is for the benefit of the lender. Its purpose is merely to confirm the property is suitable security and worth the price paid, in order to protect the lender's interests. [6] Invariably there is a disclaimer on the report that confirms that the surveyor extends no responsibility to the borrower. This is a legally valid ...
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