Date of Award

1984

Document Type

Thesis

Degree Name

Master of Art

First Advisor

Richard Rickert

Second Advisor

Lynn McCrary

Third Advisor

Joseph C. Sansone

Abstract

This manual provides a practical, step-by-step guide to the real estate appraisal process, written with clarity and accessibility for students, beginning appraisers, and practitioners seeking a structured reference. Organized around the three traditional approaches to value—cost, market comparison, and income—the text emphasizes not only the theoretical foundations of valuation but also the application of methods through worked examples, sample forms, and procedural outlines.

The manual begins with an introduction to the role of the appraiser, the purpose of appraisals, and the ethical responsibilities tied to valuation work. It then outlines the stages of a complete appraisal report, from defining the problem and collecting property data to analyzing the site, improvements, and neighborhood influences. Each of the three approaches to value is explored in detail: the cost approach, with attention to depreciation measurement; the market approach, focusing on comparable sales analysis; and the income approach, including capitalization techniques. The text demonstrates how appraisers reconcile results from different approaches to arrive at a well-supported final value estimate.

Designed as both a teaching tool and a professional reference, the manual incorporates checklists, report-writing guidance, and a clear explanation of appraisal terminology. Its practical orientation helps readers understand not just what steps to follow, but why those steps matter in establishing credible, defensible valuations. By presenting appraisal as both an art and a science, the manual underscores the judgment and analytical rigor required in professional practice.

Overall, this work stands as a foundational resource for appraisal education, offering readers a structured framework for producing accurate, consistent, and ethically sound valuation reports across a variety of property types and market contexts.

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