Appraiser Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Appraiser, written in plain English, along with examples of how it is used.
What is Appraiser?
n. a person who has been insured by some insurance company, or underwriter, against losses or perils mentioned in the policy of insurance.
History and Meaning of Appraiser
An appraiser is a professional who provides an estimate of the value of a piece of property or an asset, such as a home, a business, or a work of art. Appraisers play an important role in the buying and selling of real estate, and their valuations can have legal and financial consequences.
The history of appraisal dates back to ancient times, when landowners would use assessors to determine the value of their properties for tax purposes. In the United States, the concept of appraisers emerged in the 19th century, when mortgage lenders began hiring professionals to assess the value of properties they were considering for loans. Today, the field of appraisal has expanded to cover a wide range of assets, and appraisers must meet rigorous educational and professional standards to be accredited and licensed in their field.
Examples of Appraiser
A homeowner hires an appraiser to determine the value of their home before putting it on the market.
An art collector hires an appraiser to evaluate the worth of a painting they are considering purchasing at an auction.
A bank hires an appraiser to assess the value of a piece of commercial real estate that they are considering lending money against.
A divorce settlement requires a professional appraiser to assess the value of assets such as property, businesses, and artwork.
An insurance company hires an appraiser to evaluate the value and condition of a damaged car to determine how much money to pay out for repairs.
Legal Terms Similar to Appraiser
Valuation: the act of determining the value of an asset or property, often performed by an appraiser.
Assessment: the process of gauging the value of property or other assets for tax purposes.
Underwriter: a person or company that evaluates risk and issues insurance policies, sometimes relying on appraisals to assess the value of assets being insured.