What are the steps of the real estate appraisal process?
An appraiser first researches the property, verifying its legal description and other details in public records. A site visit follows, where the appraiser inspects the interior and exterior, photographs the property, and notes condition, renovations, amenities, and neighborhood factors. The appraiser then analyzes comparable sales, weighing location, view, condition, and income potential, and prepares a written report stating the opinion of value.
The DC Board of Real Estate Appraisers' Appraiser Assignment Log breaks an assignment into these components: site inspection, building inspection, neighborhood analysis, highest and best use, comparable sales research, income analysis, cost analysis, and reconciliation. Trainees must document which portions of each assignment they contributed to, and supervisors must sign the log and indicate their role in each portion. Everyone signing an appraisal report must be licensed in the District, and anyone who contributes must be listed in the addendum and on the certification page.
Sources: D.C. Code § 47-2853.152: Eligibility requirements for real estate appraisers; D.C. Code § 47-2853.151: Scope of practice for real estate appraisers (with Part L index).