Real estate appraisal services on a fee or contract basis

CPC v2.1 Code: 7224

About real estate appraisal services on a fee or contract basis

cpc code 7224 covers the industry of real estate appraisal services, which plays a crucial role in the broader real estate and financial sectors. These services provide independent and objective assessments of the value of residential, commercial, and industrial properties, enabling informed decision-making for buyers, sellers, lenders, and investors. The real estate appraisal industry is an essential component of the real estate market, ensuring transparency and supporting the efficient allocation of capital.

Production process

Real estate appraisers utilize a range of techniques to determine the fair market value of a property. This typically involves conducting a thorough inspection of the property, analyzing recent sales of comparable properties, and considering factors such as location, size, condition, and any unique features. Appraisers may also employ various valuation methodologies, including the cost approach, the sales comparison approach, and the income capitalization approach, to arrive at a final appraisal value.

Production inputs

The real estate appraisal industry relies on a variety of inputs, including skilled and licensed appraisers, access to comprehensive property data and market information, and specialized software and tools for data analysis and report generation. Appraisers also require access to relevant property records, such as deeds, permits, and tax assessments, as well as the ability to physically inspect the subject property.

Production outputs

The primary output of the real estate appraisal industry is the appraisal report, which provides a detailed assessment of a property's value. These reports are used by 5322 Real estate agents and brokers, 5231 Mortgage and nonmortgage loan brokers, and 5241 Insurance carriers, among others, to support various real estate transactions, lending decisions, and insurance underwriting processes.

Family tree for real estate appraisal services on a fee or contract basis

    graph LR
    A["<a href='/classifications/cpc/v2-1/7'>7: Financial and related services; real estate services; and rental and leasing services</a>"]
A --> B["<a href='/classifications/cpc/v2-1/72'>72: Real estate services</a>"]
B --> C["<a href='/classifications/cpc/v2-1/722'>722: Real estate services on a fee or contract basis</a>"]
C --> D["<a href='/classifications/cpc/v2-1/7224'>7224: Real estate appraisal services on a fee or contract basis</a>"]

    C --> E["<a href='/classifications/cpc/v2-1/7221'>7221: Property management services on a fee or contract basis</a>"]
C --> F["<a href='/classifications/cpc/v2-1/7222'>7222: Building sales on a fee or contract basis</a>"]
C --> G["<a href='/classifications/cpc/v2-1/7223'>7223: Land sales on a fee or contract basis</a>"]

    D --> H["<a href='/classifications/cpc/v2-1/72240'>72240: Real estate appraisal services on a fee or contract basis</a>"]


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