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How Appraisers Do Their Work: A Test of the Appraisal Process and the Development of a Descriptive Model

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Abstract

Actual decisionmaking behavior is rarely the focus of real estate valuation research, but this paper argues the need for just such investigations and reports the results of one study. Two hypotheses concerning the relationship between the appraisal process and the actual behavior of expert appraisers are developed. An experimental test of these hypotheses reveals evidence that the behavior of expert appraisers deviates significantly from the prescribed appraisal process. Based upon the experimental observations, a model of actual expert behavior is built and compared to the prescribed model. Some implications of the observed behavioral divergence are discussed.

Suggested Citation

  • Julian Diaz III, 1990. "How Appraisers Do Their Work: A Test of the Appraisal Process and the Development of a Descriptive Model," Journal of Real Estate Research, American Real Estate Society, vol. 5(1), pages 1-16.
  • Handle: RePEc:jre:issued:v:5:n:1:1990:p:1-16
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    Cited by:

    1. repec:kap:jrefec:v:55:y:2017:i:3:d:10.1007_s11146-016-9587-7 is not listed on IDEAS
    2. Marvin L. Wolverton & Paul Gallimore, 1999. "Client Feedback and the Role of the Appraiser," Journal of Real Estate Research, American Real Estate Society, vol. 18(3), pages 415-432.
    3. Alm, James & Buschman, Robert D. & Sjoquist, David L., 2014. "Foreclosures and local government revenues from the property tax: The case of Georgia school districts," Regional Science and Urban Economics, Elsevier, vol. 46(C), pages 1-11.
    4. Alm, James & Buschman, Robert D. & Sjoquist, David L., 2011. "Rethinking local government reliance on the property tax," Regional Science and Urban Economics, Elsevier, vol. 41(4), pages 320-331, July.
    5. James Alm & J. Sebastian Leguizamon, 2018. "The Housing Crisis, Foreclosures, and Local Tax Revenues," Working Papers 1803, Tulane University, Department of Economics.
    6. Diego A. Salzman & Remco C.J. Zwinkels, 2013. "Behavioural Real Estate," Tinbergen Institute Discussion Papers 13-088/IV/DSF58, Tinbergen Institute.
    7. James Alm & Robert D. Buschman & David L. Sjoquist, 2013. "How did foreclosures affect property values in Georgia School Districts?," Working Papers 1308, Tulane University, Department of Economics.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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