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INSPECTION or SITE VISIT

The term inspection typically refers to the site visit with respect to the appraisal process.  The inspection or site visit can have different steps and/or levels depending upon the scope of work of the engagement. Typical residential site visit types include: Interior and Exterior inspection Exterior only inspection No inspection (desktop products/reports) An Interior and [...]

By | August 28th, 2013|News|Comments Off on INSPECTION or SITE VISIT

TYPICAL APPRAISAL PROCESS

The typical appraisal process begins with the Scope of Work. For each appraisal, appraisal review, and appraisal consulting assignment, an appraiser must: identify the problem to be solved; determine and perform the scope of work necessary to develop credible assignment results; and disclose the scope of work in the report. An appraiser must properly identify [...]

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WHAT IS MARKET VALUE?

MARKET VALUE:  a type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal. Comment: Forming [...]

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WHAT IS AN APPRAISAL?

APPRAISAL:  (noun) the act or process of developing an opinion of value; an opinion of value. (adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services. Comment: An appraisal must be numerically expressed as a specific amount, as a range of numbers, or as a relationship (e.g., not more [...]

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