An appraiser by any other name: the differences between real estate and business appraisers.
Author | Houlihan, Richard |
AN APPRAISER BY ANY OTHER NAME
The Differences between Real Estate and Business Appraisers
Like so many other professions, the need for specialists in the appraisal field is an absolute necessity. Real estate appraisers have the necessary real estate background and training to do real estate appraisals. Similarly, business appraisers have the requisite business credentials and financial training to do business appraisals. While they share some common appraisal standards, the professional disciplines and the required knowledge differ.
Real estate appraisers, unless otherwise certified, do not have the specialized knowledge, experience, credentials, and training in finance, accounting, securities, tax law, and so forth to perform business appraisals. Likewise, business appraisers, unless otherwise certified, do not have the requisite knowledge, experience, credentials, and training in residential and commercial properties (homes, office buildings, warehouses, and so on) to perform real estate appraisals.
The S&L bail-out bill has resulted in state-by-state licensing of real estate appraisers. The term used to designate a licensed real estate appraiser in many states is "Certified General Appraiser." This term may cause some confusion. After all, who should appraise real estate and who should appraise businesses? And what are the basic differences?
Professional Disciplines
In the real estate discipline, the appraiser deals in the valuation of land, improvements, and associated rights. Business appraisal/valuation, on the other hand, deals with the value of the rights inherent in ownership of a commercial, industrial, or service organization pursuing an economic activity.
A real estate appraiser should have detailed knowledge of real estate appraisal research and analysis techniques; real estate appraisers must be more or less conversant with the fields of building, civil engineering, architecture, surveying, forestry, soil science, agriculture, accounting, real estate brokerage...
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