The Appraisal of Real Estate, 15th edition, is a book that fits these chaotic times, when a global pandemic and social justice concerns call into question our economy and many other aspects of our lives. Although we know that our work today is not “business as usual,” the Appraisal Institute is proud to present this text as confirmation of its faith in, and continuing commitment to, the valuation community and the sound application of recognized valuation methodology.
In addition to updated information on changes in real estate markets and valuation standards, longtime readers of The Appraisal of Real Estate will notice these significant changes in this edition:
- New chapters focused on applications of market analysis and highest and best use analysis
- Additional emphasis on identifying the property rights to be appraised in an appraisal assignment
- Deeper discussion of accepted techniques for allocating value among real estate, personal property, and non-realty items
History confirms that the applicability and importance of different valuation techniques rise and fall as real estate markets and society evolve, but the basic principles of valuation that are at the core of this book, and fundamental to the appraiser’s skill set, remain unchanged.