An appraisal is a formal, impartial estimate or opinion of value, usually written, of an adequately described property, as of a specific date, and supported by the presentation and analysis of relevant data. It is prepared as a result of a retainer, for reliance by identified parties, and for which the appraiser accepts responsibility.
A report contains the following:
- the estimate of value
- the effective date of the appraisal
- the certification and signature
- the purpose of the appraisal
- the qualifying conditions
- the condition of the neighbourhood
- an identification of the property and its ownership
- an analysis and interpretation of the data and the
- the processing of the data by one or more of the three approaches to value
- other descriptive support material such as maps,
plans, charts, photographs, etc.
The Residential Appraisal Form Report: This is a form completed by the appraiser on a residential property. The report includes general information, such as who owns the property, the address, legal description, taxes, assessed value and age of the building. It also describes the neighbourhood in terms of its age, distances to schools and shopping centres, common types of dwellings, services and utilities available, etc.