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What are the 7 steps of the appraisal process?

7 STEPS OF THE COMMERCIAL APPRAISAL PROCESS.
7 STEPS OF THE COMMERCIAL APPRAISAL PROCESS..
Identify the problem. ... .
Determine the scope of work. ... .
Collect the data. ... .
Analyze the data. ... .
Estimate the land value. ... .
Form an opinion of value. ... .
Prepare an appraisal report..

What is the first step in the appraisal process determine the problem determine the scope of work select and collect data perform data analysis?

Step 1: Define the Appraisal Problem. ... .
Step 2: Determine the Scope of Work. ... .
Step 3: Analyze the Property's Use, Select Most Appropriate Market,.
Step 4: Collect and Analyze Data, Apply Most Appropriate..
Step 5: Analyze Subject Property Listings or Prior Sales..

What are the three methods of appraisal?

In historical terms, however, appraisal practice has recognized that there are three main methods of appraisal, namely the Comparison Approach, the Income Approach, and the Cost Approach.

What is the first step of the appraisal process?

Collection of Information The first step in the appraisal process is to gather information on ownership, location, type of use, sales, building measurement, construction type, construction costs, and rental income.