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3,500 Years of Appraising
Lots of articles go back 100 years, Appraising - from the middle ages
to now by G. Michael Yovino-Young, MAI, SRA, goes back to the almost 1,000
years!
Appraiser John Karmelich, MAI contributed more
appraisal history from the Bible.
There is a biblical reference in the Old Testament to appraising.
It goes back to the five books of Moses, written about 1400-1500 BC..
A person could give (dedicate) his house or his land to a priest for their
use. Kind of like when we donate property to charity. But the original owner had the right
to redeem
the land/house back if they so choose. If the original owner makes this
decision, they would
have to pay a 20% penalty over the original value to redeem the land/house.
Therefore, a neutral appraiser was needed to estimate its market value, as
to determine
the price and penalty. This role was given to the "priest". (Not the one
receiving the
gift, but someone from "the clergy". )
Scripture Reference...
"And when a man dedicates his house to be holy to the LORD, then the priest
shall set a value for it, whether it is good or bad; as the priest values
it, so it shall stand. 'If he who dedicated it wants to redeem his house,
then he must add one-fifth of the money of your valuation to it, and it
shall be his." (Leviticus 27:14-15, New King James Version of the Bible)
John Karmelich, MAI
Long Beach, CA
(And Sunday school teacher.)
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