This attempt to highlight some misconceptions of the legal profession regarding the appraisal process, discusses the courts definition of comparable sales, describes the concept of appraisal from the lawyers viewpoint, and points out aspects of the appraisal concept that are missed by the legal profession. The complexity of the appraisal process is noted, the importance of listing and offer data is indicated, and comments are made on the controversy over time factor and or the multiple use of data. It is noted that every sale, listing, option, and offering has some impact. Unless the market data are near-prefect for comparison purposes, direct comparison of each sale is not the way the appraiser uses the information. In the market data approach, value is best indicated by a careful analysis and "backeting" of a mass data into narrow confines; by means of various units of comparison, it usually can be demonstrated reasonably how they fit into the pattern, creating upper and lower limits of value within which the subject must logically fit.

  • Corporate Authors:

    American Institute of Real Estate Appraisers

    155 East Superior Street
    Chicago, IL  United States  60611
  • Authors:
    • LANE, D E
  • Publication Date: 1977-7

Media Info

Subject/Index Terms

Filing Info

  • Accession Number: 00158166
  • Record Type: Publication
  • Files: TRIS
  • Created Date: Sep 28 1977 12:00AM