Residential Real Estate Valuation
What is a real estate appraisal?
Simply stated, an appraisal is an estimate or an opinion of value. The professional appraiser
gathers facts and data from the pertinent market segments and then applies logical analysis to them within a systematic framework
in order to arrive at the value conclusion. The value opinion is communicated to the client in the form of an appraisal
report. This report sets forth the appraiser's findings and conclusion, together with data and analysis to support and
justify the value conclusion.
A real estate appraiser is someone who is educated, trained and experienced in estimating the value of real
property. They must be licensed or certified within the state in which they are completing appraisals and must follow
strict guidelines, standardized appraisal methods and must adhere to a code of standards and professional ethics.
The experience and education of the appraiser is of major importance in the accuracy and validity of the value estimate.
