Which of the following best describes the role of an appraiser?

The role of an appraiser primarily centers around estimating the value of properties based on specific criteria. This involves analyzing various factors, such as the property’s location, condition, comparable sales, and market trends to determine a fair market value. Appraisers must rely on standardized approaches—such as the cost approach, sales comparison approach, and income approach—to arrive at an evaluation that is objective, credible, and useful for various stakeholders, including lenders, buyers, sellers, and tax assessors.

Understanding the nuances of property valuation is crucial, as appraisers need a thorough understanding of real estate markets and economic principles to perform their duties effectively. They do not engage in legal advice, market explanations, or negotiation of prices; their focus is solely on delivering a reliable value assessment. This specialization in valuation is what distinguishes appraisers in the real estate industry.