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 |
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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 |
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