Real Estate Appraiser
Also known as: Real Estate Valuer · Property Valuator · Licensed Appraiser
Definition
Real Estate Appraiser, in the Philippines, is a licensed professional who estimates the fair market value of real property (land, buildings, improvements). Under the Real Estate Service Act (RESA) or Republic Act No. 9646, appraisers must pass the PRC licensure examination and be registered with the Professional Regulatory Board of Real Estate Service (PRBRES). Appraisers are hired by banks, developers, buyers, and government agencies to determine property values for mortgage loans, taxation (zonal values), sales transactions, and expropriation cases. (Wikipedia, Appraiser Govt)
Identities
| Source Type | Identity |
|---|---|
| Wikipedia | Real estate appraisal |
| Wikidata | Q816130 |
| DBpedia | Real_estate_appraisal |
| ProductOntology | N/A |
| Wiktionary | appraiser |
| Library of Congress Subject Headings (LCSH) | Real property — Valuation |
| MeSH | N/A |
| NCBI Taxonomy | N/A |
| AGROVOC | N/A |
| Google Scholar | real estate appraiser PRBRES licensure RESA valuation Philippines |
| ConceptNet | appraiser |
| OpenCyc | N/A |
Also Known As
- Real Estate Valuer
- Property Valuator
- Licensed Appraiser
Examples and Analogies
- Bank Appraiser: A professional hired by a commercial bank to value a property before approving a home loan mortgage.
- Government Appraiser: A valuer working for the BIR or local assessor’s office to determine real property tax assessments.
Usage Scenarios
1. Appraising a House for a Bank Loan
An appraiser inspects a property in Quezon City, checking its size, structure quality, and nearby market sales to write a valuation report for a bank.
2. Resolving a Property Sale Dispute
A buyer and seller hire an independent licensed appraiser to settle on a fair transaction price for a piece of raw land.
Strategies
- Hire only PRC-licensed real estate appraisers to write formal valuation reports for court or bank submissions.
- Utilize multiple valuation methods (market data comparison, cost replacement, income capitalization) to secure accurate property values.
Security and Safety Measures
- Ensure that the appraiser’s PRC license card is active and valid before commissioning a valuation report.
- Confirm that property inspection and valuation data conform to the standard guidelines of the International Valuation Standards (IVS).
Historical Context
Prior to 2009, real estate appraisal was practiced informally with varying municipal licensing rules. The enactment of the RESA Law (RA 9646) in 2009 professionalized the practice, making a college degree in Real Estate Management (BS REM) and a PRC board exam mandatory to practice. This led to standardized valuation methods aligned with international practices, protecting buyers and financial institutions from inflated valuations. (Wikipedia)
Challenges and Controversies
Lack of Sales Transparency
Accessing actual transaction data in local land registries is difficult, making market comparative analysis challenging.
Inflated Property Assessments
Pressure from clients or developers to overvalue properties to secure higher loan values from financing banks.