An appraisal is an unbiased estimate of what a buyer might expect to pay - or a seller receives - for a parcel of real estate, where both buyer and seller are informed parties. An appraisal is a thought process leading to an opinion of value. This opinion or estimate is arrived at through a formal process that typically uses the three ''common approaches to value''.
Scope of Work
Scope of work is the most critical decision appraisers make in the assignment. In solving a problem there are several critical steps:
1. Identify the problem
2. Determine the solution (or scope of work)
3. Solve the problem
