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Property Appraisal Checklist

A comprehensive checklist for conducting thorough and accurate property appraisals, ensuring all relevant factors are considered in determining property value.

Property Appraisal Checklist

by: audit-now
4.5

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About This Checklist

A Property Appraisal Checklist is an essential tool for real estate professionals, appraisers, and property investors to ensure a comprehensive and accurate valuation of real estate assets. This checklist streamlines the appraisal process, minimizing the risk of overlooking crucial factors that can significantly impact property value. By systematically addressing key elements such as location, property condition, market trends, and comparable sales, this checklist helps appraisers deliver consistent, reliable, and defensible property valuations. Implementing this checklist not only enhances the quality of appraisals but also improves efficiency, reduces errors, and increases client satisfaction in the competitive real estate market.

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Industry

Real Estate

Standard

USPAP - Professional Appraisal Standards

Workspaces

Appraisal firm
Construction Sites
Real Estate Offices

Occupations

Property Appraiser
Real Estate Agent
Mortgage Lender
Property Investor
Real Estate Broker
1
What is the address of the property being appraised?

Please provide the full address including street, city, state, and zip code.

To identify the specific property under appraisal.
2
What is the estimated market value of the property?

Provide your estimated market value in dollars.

To assess the appraiser's valuation based on current market conditions.
Min: 0
Max: 10000000
3
How would you rate the condition of the property?

Select one of the following options.

To evaluate the physical state of the property, which affects value.
4
Please summarize your analysis of comparable sales.

Include details such as sale price, location, and any adjustments made.

To document the basis for the valuation through comparable properties.
5
Is the appraisal compliant with USPAP standards?

Select the compliance status.

To ensure that the appraisal meets the necessary professional standards.
6
Who is the appraiser conducting this appraisal?

Please provide the full name of the appraiser.

To identify the individual responsible for the property appraisal.
7
What is the date of the appraisal?

Select the date of the appraisal.

To document the date when the appraisal was completed.
8
What is the total square footage of the property?

Provide the total square footage in square feet.

To understand the size of the property which impacts valuation.
Min: 0
Max: 50000
9
What is the zoning classification of the property?

Select the appropriate zoning classification.

To determine the legal use of the property which can affect its value.
10
Please provide any additional notes on unique property features.

Describe any special features, renovations, or issues.

To capture any distinctive characteristics that may influence valuation.
11
Who is the client requesting the appraisal?

Please provide the full name of the client.

To identify the individual or entity that has commissioned the appraisal.
12
What type of property is being appraised?

Select the type of property.

To categorize the property for appropriate valuation methods.
13
What year was the property built?

Provide the year the property was constructed.

To assess the age of the property which can influence its value.
Min: 1800
Max: 2023
14
What observations can you make about current market trends?

Discuss any relevant trends or economic factors impacting the market.

To evaluate how market trends may affect the property's value.
15
On what date was the property inspected?

Select the date of the property inspection.

To record when the physical evaluation of the property took place.
16
What is the report number for this appraisal?

Provide the unique report number assigned to this appraisal.

To track and reference specific appraisal reports.
17
Which appraisal method was utilized for this assessment?

Select the method used for the appraisal.

To verify that the appropriate appraisal method was applied.
18
What disclosures and assumptions were made during the appraisal?

List any important disclosures or assumptions relevant to the appraisal.

To document any disclosures or assumptions that impact the valuation.
19
What is the current property tax assessment value?

Provide the current property tax assessment in dollars.

To compare the appraisal value against the tax assessment value.
Min: 0
Max: 10000000
20
When was the last market evaluation conducted for this property?

Select the date of the last market evaluation.

To understand the timing of previous evaluations and market conditions.
21
Who is the current owner of the property?

Please provide the full name of the property owner.

To identify the legal owner of the property being appraised.
22
How many bedrooms does the property have?

Enter the total number of bedrooms in the property.

To assess the layout and suitability of the property for potential buyers.
Min: 0
Max: 20
23
What type of heating system does the property have?

Select the heating system used in the property.

To evaluate the heating system, which can affect property value and buyer interest.
24
Describe any improvements or renovations made to the property.

List any improvements including dates and costs if available.

To document enhancements that could increase the property's value.
25
When was the last appraisal conducted for this property?

Select the date of the last appraisal.

To track the history of property appraisals and market changes.

FAQs

Property appraisers, real estate agents, mortgage lenders, and property investors commonly use Property Appraisal Checklists to ensure thorough and accurate property valuations.

A comprehensive Property Appraisal Checklist typically covers areas such as property location, physical condition, size and layout, recent renovations or improvements, comparable sales in the area, and current market trends.

Property Appraisal Checklists should be reviewed and updated regularly, typically annually or whenever there are significant changes in market conditions, regulations, or appraisal methodologies.

Yes, Property Appraisal Checklists can and should be customized to address specific characteristics of different property types, such as residential, commercial, industrial, or agricultural properties.

Using a Property Appraisal Checklist benefits clients by ensuring a more accurate and comprehensive valuation, reducing the risk of disputes, and providing a clear, systematic approach to the appraisal process that can be easily understood and verified.

Benefits of Property Appraisal Checklist

Ensures consistency and thoroughness in property valuations

Reduces the risk of overlooking critical factors affecting property value

Improves efficiency and accuracy in the appraisal process

Enhances credibility and defensibility of appraisal reports

Facilitates compliance with industry standards and regulations