An appraisal of real estate is the valuation of the
rights of ownership. The appraiser must define the rights
he intends to appraise.
The appraiser does not create value, the appraiser
interprets the market to arrive at a value estimate.
As the appraiser compiles data pertinent to a report,
consideration must be given to the site and amenities
as well as the physical condition of the property. An
appraiser may spend only a short time inspecting the
property, however, this is only the beginning.
Considerable research and collection of general and
specific data must be accomplished before the appraiser
can arrive at a final opinion of value.
Due to the many types of value, such as Fair Market
Value, Insurance Value, Tax Value and Value In Use,
the need to precisely define the purpose of the appraisal