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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.
Comparables (or comps) is a real estate appraisal term referring to properties with characteristics that are similar to a subject property whose value is being sought. This can be accomplished either by a real estate agent who attempts to establish the value of a potential client's home or property through market analysis or, by a licensed or certified appraiser or surveyor using more defined ...
Rates on residential property were based on the nominal rental value, reassessed periodically in revaluations. By the Rating and Valuation Act 1925 (15 & 16 Geo. 5. c. 90), revaluations were supposed to take place every five years but in practice they were frequently delayed or suspended.
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Cadastral surveying is the sub-field of cadastre and surveying that specialises in the establishment and re-establishment of real property boundaries. It involves the physical delineation of property boundaries and determination of dimensions, areas and certain rights associated with properties.
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