Appraisal under professional valuation of property implies determining the economic value to the evaluated property. In fact, appraisal aims to determine the value of property not only as of a physical object, but of a property right and utilization of this right in order to get economic benefit. According to valuation practice, any item (tangible or intangible), that can be owned by natural person or legal entity, and different operations can be executed in respect to that item (purchase, sale, grant on lease, hire out, mortgage), can be classified as property. Thus, appraisal item can be:

Land      Biological Assets
Buildings    Going Concern
Plants    Business and Business Interest
Equipment and Inventory    Intellectual Property
Inventory    License and Agreements

According to appraisal purpose, appraiser identifies proper type of value. Following values can be distinguished in property valuation:

Market Value   Liquidation Value
Fair Value   Tax Value
Investment Value   Insurance Value
Consumer Value   Mortgage Value
Utilization Value  

According to economic circumstances formed in everyday life, legal entities and natural persons could have the need to determine the property value and it is desired that they make use of appraisal service under following circumstances:

Purchase and Sale Insurance
Financial Reporting Company Mergers
Drawing Investments Company Liquidations
Loan Collateral Company Restructuring
Asset Reevaluation Impairment Test
Fixing Property Arguments Purchase price allocation
Hereditary Succession