Appraisals and Valuations Expert Witness
An expert in this area would be capable of appraising or valuing property that is being matter of discussion, for example, at a trial. Most often an expert in this area valuates companies or real estate.
In real estate, this is the process of valuing property. The reason for performing this process is that a transaction regarding a specific real estate is not something that occurs often… one cannot set a price on, for example, houses in general, since each individual house has a different value, depending on many variables (location, materials, size, commodities, etc.).
It is frequent that an appraiser provides a written report to the hiring party. These reports can be used for example, but not limited to, settling divorces. Not only the property would be valued and a written report presented, but all this might be used by lawyers to settle the conflict. Additionally, it could be used in court, presented to a jury regarding a misfortune that may have occurred to the property, and thus, regarding an interaction with the insurance company as one of the interested and involved parties.
In some locations, an Appraiser or Valuator will not require a license; however, it is rather unusual. Normally, a person intending to perform these tasks must obtain a license, and this would provide background knowledge and expertise in addition to the experience gathered by appraising different properties over time. This is what grants this individual with qualifications needed to become a Valuation Expert Witness at a court.
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