What does the appraiser need to identify the subject property when stating the problem?

To identify the subject property effectively when stating the problem in an appraisal, the appraiser must have precise information that distinctly pinpoints the property in question. A legal description offers a formal and accurate way to define the property's boundaries and characteristics, which is crucial for clarity in the appraisal process. The mailing address also aids in locating the property geographically and provides context that can help in the analysis of the local market.

While the date of the value estimate is significant for understanding the relevance of the appraisal and the timing of market conditions, and the interest to be appraised is essential to define the type or extent of the ownership being assessed, these details do not serve as definitive identifiers of the property itself. Similarly, the client's name is relevant for the engagement but does not help in pinpointing the specific real estate being appraised. Therefore, having both a legal description and a mailing address is fundamental for the appraiser to accurately identify the subject property.