A property appraisal is a self-determining and independent estimate of the value of a real estate property by an appraiser using approved, standardized methods. The Uniform Standards of Professional Appraisal
Practice (USPAP) developed by the Appraisal Standards Board of The Appraisal Foundation specifies the procedures and recommended practices to be followed in developing and establishing an accurate appraisal and the ethical rules associated with the processes. As defined in USPAP, an appraisal is the act or process of developing an opinion of
Property Appraisal Valuation Procedure
The valuation procedure is a systematic process the appraiser follows to answer a client’s request about the value of a property. The magnitude of this important source of information generates an indispensable
requirement for well – informed and reliable appraisals to support decision making including, real estate disposition, value estimation, marketability, and the rights inherent in ownership.
However, the property appraisal process faces a number of challenges and competing priorities:
The level of compliance for all real estate assets is increasing with new bodies, standards and regimes
How to effectively manage risk and costs without impacting returns
How to seize (seize upon) new opportunities in domestic or international markets
How to harness innovation and respond to the recession of the market.
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