The real estate industry draws from a number of disciplines, including architecture, law engineering, finance, construction etc. The primary real estate activity, and probably the best known, is real estate brokerage, in which individuals act as to bring property sellers and buyers together to consummate transfer of real estate. A real estate transaction is a complicated process in which numerous professionals become involved to co-ordinate the activities necessary to complete the sale.
According to the Uniform Standards of Professional Appraisal Practice (USPAP), there are two levels of valuation activity. They are Valuation Services, defined as “service pertaining to aspects of property value”. And Appraisal practice, which is defined as “Valuation services performed by an individual acting as an appraiser”. Valuation services can be performed by anyone, but appraisal practice is a valuation service provided by an individual acting as an appraiser, subject to rules and regulations regarding appraisals.