Real property consists of land, buildings, and natural resources such as water, oil, or minerals.
Estimates of value, known as appraisals, are made when property is bought, sold, assessed, taxed, condemned, insured, or mortgaged. They may also be required in divorce actions, when partnerships are dissolved, and when property is listed as a business asset. Appraisers, especially independent fee appraisers, may give expert testimony in court. They may also act as consultants. Real Estate Appraisers prepare a written description of the property and make an estimate of its value.