Inconsistencies in Appraisal Theory and Practice
AbstractThis paper points out some inconsistencies in appraisal practice stemming, in some cases, from inconsistencies in underlying theory, and in some cases from applications that are inconsistent with theory. The identification of inconsistencies in appraisal practice is not meant to be a wholesale attack on traditional appraisal approaches. Quite the contrary; the inconsistencies are identified with the premise that their correction would strengthen these procedures. The corollary is, of course, that their continued occurrences weaken appraisal and the appraisal function. They may lead to inaccurate value conclusions, disparities among appraisals, and lowered public confidence in appraisers. Most of the alleged inconsistencies cited in this paper can be easily corrected intellectually. Indeed, some already have been, and the corrections are slowly filtering into practice.
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Bibliographic InfoArticle provided by American Real Estate Society in its journal Journal of Real Estate Research.
Volume (Year): 1 (1986)
Issue (Month): 1 ()
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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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- Waldo L. Born & Stephen A. Pyhrr, 1994. "Real Estate Valuation: The Effect of Market and Property Cycles," Journal of Real Estate Research, American Real Estate Society, vol. 9(4), pages 455-486.
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