There are three main types of appraisals:
Real Estate Appraisal: This type of appraisal is used to determine the value of real estate property, such as a house, commercial building, or land. A licensed appraiser evaluates the property based on its location, condition, size, and other factors to determine its fair market value.
Personal Property Appraisal: This type of appraisal is used to determine the value of personal property, such as art, antiques, jewelry, or collectibles. A professional appraiser with expertise in the specific type of property evaluates it based on its condition, rarity, historical significance, and other factors.
Business Appraisal: This type of appraisal is used to determine the value of a business or company. It involves analyzing the company’s financial statements, assets, liabilities, and other factors to arrive at an estimate of its worth. Business appraisals may be conducted for various purposes, such as mergers and acquisitions, tax purposes, or estate planning.