The task of an appraiser is to learn all about the property being appraised, study how the property relates to its market area, then gather and analyze listings, sales, costs, leases and other market data in order to make rational comparisons that result in one or more indications of value. There are three traditional approaches to estimating value; the direct sales comparison approach, the cost-depreciation approach and the income-capitalization approach. Often, an appraiser has to reconcile two or more approaches to reach a final conclusion. Finally, the appraiser must communicate the appraisal in a manner that is not confusing or misleading. Almost all appraisers are governed by the Uniform Standards of Professional Appraisal Practice (USPAP). You can learn more about USPAP at: