There are three approaches to real estate valuation. This link summarizes the sales approach, the cost approach, and the income approach and what steps each approach involves. The sales approach is commonly used in appraising single family homes and land. The cost approach is used to estimate the value of properties that have been improved by one or more buildings, and the income approach is based on the relationship between the rate of return an investor requires and the net income the property produces.
Appraisers are often viewed as having no stake in doing a good or timely job. There is some debate over whether or not real estate appraisal will be a viable career in the future. The following link discusses two views on the future of appraisal. One view is that appraisals will no longer be needed, and the opposite view is that appraisals will always be needed and that the industry is growing.
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