The steps listed above are a summary of the steps involved as outlined in the textbook "The Appraisal of Real Estate - Canadian Edition by The Appraisal Institute of Canada; ISBN: 0-920058-17-5".

For a more in-depth look at the above steps please click here.                                              Back to Top

Process


Designed and maintained by Tanya Thibodeau
© 2001
For information or comments regarding this site, design and content, contact
Tanya
Real Estate Appraisers & Consultants
Hits Since September 2001

This page was
last updated on:
December 9, 2002

Designed and maintained by Tanya Thibodeau
© 2001
For information or comments regarding this site, design and content, contact
Tanya

Process


The Appraisal Process
(Summary)


What is an appraisal?

An appraisal is an unbiased, written estimate of value of an adequate identified property,
as of a specific date, that is supported by relevant data.


Summary of the steps involved in an appraisal

We would like our readers to be aware that this is only a brief summary of the appraisal process to aid you in understanding what an appraisal entails. We ask that you do not take this as a crash course in being an appraiser.



The steps listed above are a summary of the steps involved as outlined in the textbook "The Appraisal of Real Estate - Canadian Edition by The Appraisal Institute of Canada; ISBN: 0-920058-17-5".

For a more in-depth look at the above steps please click here.                                              Back to Top
Report of Defined Value
Reconciliation of Value Indications and Final Value Estimate
Cost
Direct Comparison
Income
Estimate Land Value

Application of the Three Approaches to Value
Land as though vacant;
Property as improved.
Analysis of Highest and Best Use
General - Region, City and Neighborhood;
Specific - Subject and comparables;
Competitive Supply and Demand - The subject market.
Inspection of the property

Preliminary Analysis and Data Selection and Collection
Identify the property to be appraised;
Identify the property rights to be appraised;
Determine the use of the appraisal;
Define value;
Determine the effective date of the appraisal;
Determine and define the scope of an appraisal;
Define other limiting conditions.
Definition of the Appraisal Assignment