Which of the following is true about appraisals?

Appraisals must be unbiased and non-subjective because they are intended to provide a fair and accurate value of a property based on objective criteria. Appraisers use various standard methods, such as the cost approach, sales comparison approach, and income approach, to determine the market value of a property. Ensuring that appraisals are free from personal bias and subjectivity is fundamental to the integrity of the appraisal process, as it influences lending decisions, tax assessments, and market transactions.

The goal is to provide a reliable, impartial assessment that can be universally understood and accepted. This objectivity is crucial for maintaining trust in the real estate market and protecting the rights and interests of all parties involved—buyers, sellers, and lenders alike. Accepting personal opinions or allowing personal bias into appraisals could undermine the appraisal’s validity and lead to inequalities in property valuation.