Real Estate Licensing Virginia Real Estate Salesperson Exam - Topic 6 Question 23 Discussion

An appraiser's role is to provide an independent, unbiased opinion of value, not to engage in brokerage activities.

Steps appraisers follow:

Gathering and recording data (property details, comps, market conditions)

Estimating land value (separate from improvements)

Reconciling value estimates (from cost, income, and sales comparison approaches)

They do not set listing prices, which is the job of a real estate agent or seller.

Reference (Virginia Real Estate):

Uniform Standards of Professional Appraisal Practice (USPAP)

Virginia Real Estate Principles -- Appraisal section

A490-02REGS.pdf -- Appraiser's role in real estate transactions