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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />'I <br />I <br />I <br /> <br />APPRAISAL PROCESS <br /> <br />The appraisal process 'is an orderly program which answers a <br />question .or solves a problem. Generally the ma'in purpose of <br />'an appraisal report is to estimate some type of value. The <br />five basic steps in'defin"ing the problem to be solved are' as <br />follows: ' <br /> <br />1. Identify the property to be appraised. <br /> <br />2. Specify the rights involved. <br /> <br />3. State the purpose of , the appraisal. <br /> <br />4. Determine the date,as of which ,the value <br />estimate is desired. <br /> <br />5. Define the value to be estimated. <br /> <br />Once the problem has been defined it is then necessary to <br />.develop an orderly plan by w~ich tne problem can. be' solved. <br />The appraisal process 'involves three separate approaches to <br />value. Each approach Is consid~red to reflect the 'actions of <br />. buyers and sellers within the market place. The three ap- <br />proaches -to value are as follows: <br /> <br />I. Direct Sales, Comparison Approach <br />II. Income Approach <br />III. Cost Approach <br /> <br />In each approach it is necessary to ga~her, classify, analyze <br />and interpret both general and specific data. ,-:qerieral data <br /> <br />4 <br />