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What knowledge does an appraiser need to possess?

An appraiser needs to be knowledgeable in three areas: subject property (connoisseurship)—what you are appraising; the markets in which the property sells (and which ones are applicable for what assignment); and the principles of valuation (types of value, approaches that are accepted by the profession, professional standards and ethics, what needs to be in an appraisal report, etc.)