Real-estate appraisers are individuals who are trained to help determine the market value of real estate. They are typically licensed by state agencies after completing coursework and an internship with an experienced appraiser. Coursework teaches appraisers the mechanics of performing an appraisal, but it's real-life experience that makes them good at their job.

An appraiser should be an objective third party, someone who has no connection to any person involved in the real-estate transaction. The bank won't be too likely to accept an appraisal if they know it was done by the buyer's brother! Likewise, an appraiser who works for the real-estate agency that holds a listing shouldn't be used to appraise property for a buyer.

Buyers are normally asked to pay for an appraisal when they apply for a home loan. The lender might use an appraiser on its staff or hire an independent appraiser to work on the transaction. If you are allowed to choose the appraiser, it's possible that the lender will ask a third party to review the results, just to make sure you didn't select someone who is biased in your favor.