Title: Outline the appraisal process.
Course: Real Estate (12154) > Section: Appraising Residential and Income-Producing Property

Outline should include

- definition of appraisal
- identification of
  - who performs the appraisal
  - when the appraisal is ordered
  - who pays for the appraisal (and whether it is refundable)

- effect the appraisal has on the contract (e.g., whether it is above or below the sales price)
- property factors evaluated in the appraisal.

DPOR correlation: 18VAC135-20-400. 20 (Appraisal of residential and income-producing property)

Teacher resource: Modern Real Estate Practice, 19th ed., pages 292-300

Process/Skill Questions:

- What are duties of an appraiser?
- What are the different methods an appraiser uses to determine the value of real estate?
- What are the consequences of an appraisal being lower than the asking price of a home?
- What can a realtor do if an appraisal comes in below selling price?
- When and/or why might it be beneficial to do an appraisal before listing a property?