Three Approaches?(Real Estate Appraisal) (Reprint‪)‬

ABSTRACT The initial concepts and structures of the appraisal process in the United States included at least eight valuation methods. The majority of appraisers, however, basking in the perceived simplicity of three approaches to value and sustained by short education courses, unthinkingly have embraced this simple triad. This has allowed the appraisal profession to be dominated by the courts, legislators, and public administrative bodies, which have imposed the three approaches on all appraisal practitioners through court decisions, legislative mandates, and mortgage regulation. The implications of this development are discussed here.