DEFINITION of 'Qualified Appraiser'

An individual who has earned an appraisal designation from a professional appraiser organization, or has met minimum education and experience requirements in the subject matter in which he or she issues appraisals. A qualified appraiser performs appraisals on a regular basis, and receives compensation for his or her work. The professional must not be prohibited from practicing before the Internal Revenue Service (IRS).

BREAKING DOWN 'Qualified Appraiser'

Qualified appraisers are required by the IRS to appraise any piece of property valued at $5,000 or more on which a taxpayer requests a tax deduction. Because qualified appraisers are more experienced and knowledgeable about a particular type of property, the IRS uses them in order to ensure that the taxpayer is not overstating the value of the donated property. A qualified appraiser must perform an appraisal based on generally accepted appraisal standards.

RELATED TERMS
  1. Appraisal Approach

    A procedure for determining an asset's value. The appraisal approach ...
  2. Appraised Value

    An evaluation of a property's value based on a given point in ...
  3. Appraisal

    A valuation of property (ie. real estate, a business, an antique) ...
  4. Appraisal Fraud

    A form of mortgage fraud, whereby the value of a home is deliberately ...
  5. Appraisal Capital

    A form of accounting adjustment. Appraisal capital is created ...
  6. Appraisal Costs

    A specific category of quality control costs. Companies pay appraisal ...
Related Articles
  1. Investing

    Find the Right Home Appraiser: A Quick Guide

    Locating the best home appraiser can mean a house valuation that's thousands of dollars higher than one that's done on the cheap.
  2. Managing Wealth

    The Home Appraisal: Your Key to a Successful Refinance

    When you refinance your mortgage, everything hinges on the appraisal. Here's what appraisers look at, how to make your home look as valuable as possible and ways to fight back if the valuation ...
  3. Investing

    How To Challenge A Low Home Appraisal

    If you're unhappy with your home appraisal, here are some steps you can take.
  4. Retirement

    Your Heirloom Jewelry: How Much Is It Worth?

    You grandma's diamonds are now yours. Whether you plan to keep them or not, you first need an honest appraisal. Here's how to get one.
  5. Investing

    6 Tips For Protecting Your Home's Value

    New taxes, property values, appraisals, community changes and nearby abandoned foreclosures can all lower your home's value. Take proactive steps to protect it.
  6. Managing Wealth

    Evaluating An Heirloom

    Whether it's jewelry, furniture or a book collection, once you inherit it you need to decide what to do with it. First, find out what it's worth.
  7. Investing

    Homeowners Overestimating the Value of Their Homes

    A new survey by Quicken Loans shows homeowners often have a lofty expectation of their home's value.
  8. Investing

    What You Should Know About Real Estate Valuation

    Anyone involved in a real transaction can benefit from gaining a basic understanding of the different methods of real estate valuation.
  9. Financial Advisor

    Real Estate Careers And Their Designations

    The real estate industry offers a wide variety of career opportunities and dozens of designations to increase your skills.
  10. Investing

    The FHA's Minimum Property Standards

    If you're thinking about purchasing a home with an FHA loan, here are some standards that must be met for the deal to go through.
RELATED FAQS
  1. Do home appraisers use Zillow?

    When it comes to assessing a home for sale, licensed appraisers rely on detailed —and sometimes proprietary—information to ... Read Answer >>
  2. What price-to-book ratio is considered average in the chemicals sector?

    Learn more about the loan-to-value ratio, what the ratio measures and how to calculate the loan-to-value ratio on Microsoft ... Read Answer >>
Trading Center