Product Review

The 14th edition of The Appraisal of Real Estate reflects a new commitment to the essential principles of appraisal and the sound application of recognized valuation methods that have sustained real estate appraisers in good times and bad. Longtime readers of The Appraisal of Real Estate will notice that the new edition has been restructured to mirror the organization of the valuation process, moving clearly from the identification of the problem through to the report of defined value. The new edition features More discussion of scope of work, client communication, data standards, and related issues Increased emphasis on the fundamentals of statistical analysis and the central role that descriptive statistics plays in market analysis, highest and best use analysis, and the application of the three approaches to value Expanded coverage of topics introduced in the 13th edition such as green building, advances in information technology, and the use of AVMs A clearer, more rigorous exploration of the market analysis process and a more concise discussion of highest and best use analysis More background on the continuing evolution of US and international appraisal standards The 14th edition of The Appraisal of Real Estate builds on past editions and examines the changing role of real estate appraisers in the larger business community. The poor performance of many real estate markets in the wake of the recent recession has been a wakeup call for the profession. The new economic realities, however, only serve to highlight the need of real estate markets for appraisers with strong ethics, up-to-date skills, and sound professional judgment.