The real estate business draws from a number of disciplines, including architecture, law engineering, construction, finance etc. The primary real estate activity & probably the best known, is realestate brokerage, in which people act as to bring property sellers and buyers together to consummate exchange of real estate. A real estate transaction is a complicated process in which numerous professionals become engaged to co-ordinate the activities necessary to complete the sale.
According to the Uniform Standards of Specialized Appraisal Practice (USPAP), there are 2 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 anybody, but appraisal practice is a valuation service provided by an individual acting as an appraiser, subject to rules and regulations concerning appraisals.