This new edition addresses the changes in the appraisal industry, their impact on real estate transactions, and their practical application for appraisers, real estate professionals, lenders and consumers.

CONTENTS: Importance and Purposes of Appraisals – Nature and Characteristics of Property and Value – Principles Controlling Real Estate Value – Economic Analysis – The Appraisal Process – Considerations in Site Analysis – Fundamentals of Site Evaluation – Construction Methods and Materials – Architectural Styles and Utility – Cost Approach vs Replacement Cost – Cost Approach: Accrued Depreciation Analysis – Sales Comparison, or Market Data Approach – Income Approach: Income Expense Analysis – Income Approach: Capitalization Theory and Techniques – Reconciliation and Final Value Estimate Appraisal Statistical Concepts – Writing the Report – Computerization of the Appraisal Process – Considerations in Appraising Other Types of Single-Family Residences – Special Purpose Appraising – Professional Opportunities in Real Estate Appraising – License and State Examination Requirements, Lender Appraisal Guidelines, and Common Errors and Omissions – Appendix, Glossary, Index