Which is a required component in the appraiser's report for a residential property?

The appraiser's report for a residential property must include a description of the property's features and conditions. This component is essential because it provides vital information about the specific attributes of the property being appraised. It includes details such as the size, layout, number of bedrooms and bathrooms, quality of finishes, any improvements made, and the overall condition of the property. These descriptions contextualize the value of the property within the local market.

While other options may seem relevant, they do not represent required components of the report. For example, a detailed inspection of every room is impractical in standard reports as appraisers typically summarize findings rather than providing exhaustive accounts of all individual spaces. A favorability ranking of the neighborhood could be subjective and is not typically an established element of appraisal reporting. Likewise, while historical sales data for the neighborhood may inform the appraiser's conclusions, it is not cataloged as a direct component of the appraisal report itself, which is more focused on the subject property. Thus, featuring a clear and thorough description of the property's unique characteristics is critical for supporting the appraised value.