NAICS Code 531320-03 - Real Estate Appraisers

Marketing Level - NAICS 8-Digit

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NAICS Code 531320-03 Description (8-Digit)

Real Estate Appraisers are professionals who provide an unbiased and objective opinion of the value of a property. They are responsible for determining the market value of a property by analyzing various factors such as location, condition, and comparable sales in the area. Real Estate Appraisers work with a range of clients including banks, mortgage lenders, real estate agents, and property owners.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 531320 page

Tools

Tools commonly used in the Real Estate Appraisers industry for day-to-day tasks and operations.

  • Laser measuring device
  • Digital camera
  • Tape measure
  • Calculator
  • Computer software for data analysis
  • Mobile device for on-site data collection
  • Mapping tools for analyzing location data
  • Database software for storing and organizing property information
  • Voice recorder for taking notes during property inspections
  • Floor plan software for creating detailed property layouts

Industry Examples of Real Estate Appraisers

Common products and services typical of NAICS Code 531320-03, illustrating the main business activities and contributions to the market.

  • Residential property appraisals
  • Commercial property appraisals
  • Agricultural property appraisals
  • Industrial property appraisals
  • Condominium appraisals
  • Multi-family property appraisals
  • Land appraisals
  • Estate appraisals
  • Tax assessment appraisals
  • Insurance appraisals

History

A concise historical narrative of NAICS Code 531320-03 covering global milestones and recent developments within the United States.

  • The Real Estate Appraisers industry has a long history dating back to ancient times when the Greeks and Romans used appraisals to determine the value of land and property. In the United States, the industry began to take shape in the early 20th century when the government established the Federal Housing Administration (FHA) to provide mortgage insurance. The FHA required appraisals to determine the value of properties being insured. In the 1960s, the Uniform Standards of Professional Appraisal Practice (USPAP) was established to provide a set of guidelines for appraisers to follow. In recent years, the industry has faced challenges due to the 2008 financial crisis and the rise of automated valuation models (AVMs) that use algorithms to determine property values.