Real Property (RP) professionals provide independent unbiased opinions of value for real property, defined as all the interests, benefits, rights and encumbrances inherent in the ownership of real estate.
Real estate is the land together with all improvements that are permanently affixed to it. The professionally-qualified Real Property appraiser will be accredited in one or more of these specialties:
- Urban real property
- Ad valorem (property taxation)
- Rural real property
- Timber and timberland
Assignments involve valuations for the purposes of acquisition or disposition of property, mortgage financing, insurance, taxation (estate or property), eminent domain (condemnation). Other aspects of Real Property appraising include valuation of rights in real property, such as easements, or air rights. Another type of property interest is created by leases: the value of leased fee interests, which reflects the ownership of the landlord (lessor) and leasehold interests that are the tenant (lessee) interests of a leased property. Projects may involve aspects of dispute resolution, litigation, arbitration and property tax assessment appeal. Appraisals are often reviewed by governmental agencies, such as the Internal Revenue Service. It is important that clients and users of ASA Real Property appraisers’ work have confidence in competence and unbiased objectivity. Real Property professionals with accreditation from the American Society of Appraisers (ASA) enjoy one of the most prestigious and widely-recognized credentials offered.