What is A Real Estate Appraisal?
A real estate appraisal is a professional, unbiased estimate of the fair market value of a specific piece of real estate. The appraisal must define the assignment and the scope of work necessary to complete the assignment. The appraiser must consider the three approaches to value: cost, sales comparison and income in order to accurately determine value. Professional appraisers must comply with the Uniform Standards of Professional Appraisal Practice (USPAP). Appraisal reports themselves can vary substantially and include everything from short, summary estimates of value to complex, fully documented, self-contained assignments with all the data necessary to fully understand the entire appraisal process.