According to the process appraisers follow, what action is taken first upon being assigned a property for appraisal?

The initial step an appraiser takes upon being assigned a property for appraisal is to state the problem. This critical stage involves clearly defining the purpose of the appraisal, which helps to guide the appraisal process and ensures that all future steps are aligned with the specific requirements of the assignment. By explicitly stating the problem, the appraiser can identify what needs to be accomplished and what factors will influence the valuation.

Having a well-defined problem statement sets the foundation for the entire appraisal process; it allows the appraiser to focus on relevant data and methodologies while ensuring that the outcome meets the client's needs and regulatory standards.

Gathering data about the property, conducting a site visit, and analyzing comparable properties are all essential tasks that follow the initial step of stating the problem. These actions are executed based on the clarity and focus that the problem statement provides, allowing for a structured and effective appraisal process.