According to the appraisal process, what action is taken first upon being assigned a property for appraisal?

In the appraisal process, the initial action upon being assigned a property is to clearly state the problem. This step is fundamental as it sets the direction for the entire appraisal assignment. Understanding the specific purpose of the appraisal and the scope of work required informs the appraiser about the expectations and guidelines to follow.

Stating the problem involves recognizing what is being appraised, the intended use of the appraisal, and identifying the relevant questions that need to be answered. It lays the groundwork for subsequent steps, such as determining what data is necessary, gathering and analyzing that data, and ultimately assessing the highest and best use of the property.

Addressing the problem directly ensures that all further actions are aligned with the objectives of the appraisal, leading to a more accurate and relevant outcome. In contrast, jumping ahead to data gathering or analysis without first clarifying the appraisal problem might lead to misaligned efforts and ultimately, an appraisal that does not meet the client’s needs or the objectives of the assignment.