appraisal standards

Appraisal standards are guidelines used by professionals to determine the value of property, such as real estate or personal belongings. These standards ensure that appraisals are conducted fairly, consistently, and transparently. They involve assessing factors like the property's condition, location, and market trends. Adhering to these standards helps maintain credibility and trust in the appraisal process, ensuring that buyers, sellers, and financial institutions can make informed decisions based on accurate valuations. Commonly recognized standards include those set by organizations like the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice (USPAP).