To Purchase a commodity we try to be judicious about the price to be paid for it. We look back to the market for information on its value. We collect information from different parts of the market and get similar or nearly the same answer in most cases. But this may not always be true with the property market.

The task of the appraiser here is the same as with other valuers of goods and commodities, i.e., to estimate the price. An important question remains as to why a person with so much skill and experience is needed for this job. This is primarily due to the peculiar nature of the capital-intensive commodity, real estate. It has to be tested for legal rights, durability, utility, and transferability. The durability makes a valuer conscious of not only the current circumstances of the property but also the fact that the property will last much longer than perishable goods.