Identification
of client / intended users

Intended use of
appraisal

Purpose of
appraisal
(including
definition of
Market Value)

Date of opinion
of value

Identification of
property
characteristics
(including
location and
property rights to
be valued)

Extraordinary assumptions

Identify and confirm
with client regarding
the required level or degree of reliability
(level must be appropriate for the intended use)

Ensure the intended
Scope of Work
is sufficient to
meet the client's requirements (and
NOT result in a
misleading appraisal)

Verify the
Scope of Work
meets all requirements
of USPAP and the
Appraisal Institute

Identify and disclose
any unusual circumstances
that could adversely
impact upon the
appraisal process

Market Area Data
General characteristics of region,
city and competitive market area

Subject Property Data
Specific characteristics of land and improvements, personal property,
business assets, etc.

Cost Approach
Replacements costs
Reproduction costs

Sales Comparison Approach
Quantitative analysis
Quanlitative analysis
Regression analysis

Depreciation - physical,
functional & external

Appraisal Review
Check for consistency
Apply any “test for reasonableness”
Examine differences in value indications

Reconciliation Criteria
Appropriateness
Accuracy or confidence in the data and adjustments process
Quantity of evidence

Appraisal Report
“Describes the appraisal findings
in a level of detail applicable
to the assignment”

Restricted Appraisal
“States the key findings
of the appraisal”