What is Japanese Licensed Real Property Appraiser?

Japanese Licensed Real Property Appraiser (LRPA) is the exclusive licensee which is certified by the Ministry of Land, Infrastructure, Transport and Tourism of Japan. (Exclusive here means that only LRPA can do real property valuation business based on Real Estate Appraisal Act.) LRPA's role is to estimate appropriate value of real properties and contribute to the real property market. LRPAs are collecting, accumulate and analyze real property market data in Japan.

For example, the third party subjective opinion value is required in the cases of sales, litigation, tax purpose and financial statement purpose. In these cases, LRPA may be necessary to have a third party opinion of value. In addition, LRPAs are playing major role in research of real estate market because LREA is a professional licensee of real properties. As an annual task, LRPAs estimate value of 26,000 points all over Japan as of January (called Chika Koji or market value of standard sites published by Ministry of Land, Infrastructure, Transport and Tourism of Japan) and 22,000 points as of July (called Chika Cyosa or market value of standard sites published by prefectural government).

Japan has own Real Property Appraisal Standard and LRPAs are required to conduct valuation task based on this standard.

LREA is a licensee for whole real properties and LRPAs are entitled to conduct all kind of property valuation such as residential, commercial and industrial property.

Our LRPA system develops and maintains ethic system with our Code of Conduct because strict ethic is essential to conduct appraisal work as a third party opinion.

Examination System to be a Licensed Real Property Appraiser (LRPA)
(Conducted according to the Real Estate Appraisal Act of 1963
(last revision: 2006).)

Number of the passed and the pass rate of National LRPA exam

1. 1st phase: Multiple-Choice

2. 2nd phase: Paper test

3. 3rd phase: Technical training and the final test