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Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property (usually market value). Real estate transactions often 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 (thus a centralized Walrasian auction like a stock exchange is unrealistic). Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, and so on. Sometimes an appraisal report is used 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. In the United States, mortgage valuations of improved residential properties are generally reported on a standardized form like the Uniform Residential Appraisal Report.〔(Uniform Residential Appraisal Report (Form 1004): PDF )〕 Appraisals of more complex properties (e.g., income-producing, raw land) are often reported in narrative format. ==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.''〔International Valuation Standards 2011〕 *Value-in-use, or use value – The net present value (NPV) of a cash flow that an asset generates for a specific owner under a specific use. Value-in-use is the value to one particular user, and may be above or below the market value of a property. *Investment value – is the value to one particular investor, and may or may not be higher than the market value of a property. Differences between the ''investment value'' of an asset and its ''market value'' provide the motivation for buyers or sellers to enter the marketplace. International Valuation Standards (IVS) define: ::Investment value – the value of an asset to the owner or a prospective owner for individual investment or operational objectives.''〔 *Insurable value – is the value of real property covered by an insurance policy. Generally it does not include the site value. *Liquidation value – may be analyzed as either a forced liquidation or an orderly liquidation and is a commonly sought standard of value in bankruptcy proceedings. It assumes a seller who is compelled to sell after an exposure period which is less than the market-normal time-frame. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Real estate appraisal」の詳細全文を読む スポンサード リンク
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