When one looks in the dictionary or in the thesaurus, the definition for the terms appraisal and valuation are almost the same. In normal talk, they can even be interchanged.
But in the real estate business, one should not be confused for the other. Property appraisal is very different from property valuation. Only someone with authority can give valuations on property. Let us discuss the difference between the two terms.
Real estate agents and appraisal
Only real estate agents use the term property appraisal. All they do is subjectively guess the cost of the property based on past sales of properties in the same area. They look on past trends to give an appraisal. There is not a single science to it since it is merely observation. This may be quite faulty since there are a lot of factors to consider when finding out the value of a particular property.
On who can give a property valuation
A property valuator is someone who can objectively find out the value of a property. They undergo training to be able to put a value on a specific property. They also have the authority to give property valuation, which is objective and not mere guesswork. They do this by employing several mathematical calculations, which is part of their training. This is why when the value of a land is disputed in the court of law, it is not the real estate agent who is called but the property valuator.

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