IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

The Effect of Expertise on the Quality of Appraisal Services

This article examines the quality of appraisals as a function of expertise. In paraticular, we compare novices (beginning real estate students) to experts (practicing certified and/or designated appraisers) on three performance criteria. First, we examine differences in the values that these two groups attach to various property features. Second, we investigate the variation between their final market value estimates. The last task studied is whether appraisers can reliably provide a range about their market value that includes the actual sale price of the property. The results are based on a controlled experiment involving seventy-two novices and sixty-nine experts, where each participant was asked to determine a fair market value of a single-family home. Findings indicate that experienced appraisers do in fact exhibit less variation in their valuation of property characteristics, hence there is greater agreement in their market value estimates than is the case with novices. However, more experienced decision-makers tend to be overconfident of their ability: they are less likely to specify a range that includes the sale price than are novices.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol15n02/v15p205.pdf
File Function: Full text
Download Restriction: no

Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 15 (1998)
Issue (Month): 2 ()
Pages: 205-215

as
in new window

Handle: RePEc:jre:issued:v:15:n:2:1998:p:205-215
Contact details of provider: 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/Email:

Order Information: Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
Web: http://pages.jh.edu/jrer/about/get.htm Email:


References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. Mark A. Sunderman & Roger E. Cannaday & Peter F. Colwell, 1990. "The Value of Mortgage Assumptions: An Empirical Test," Journal of Real Estate Research, American Real Estate Society, vol. 5(2), pages 247-258.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:jre:issued:v:15:n:2:1998:p:205-215. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (JRER Graduate Assistant/Webmaster)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.