Inconsistencies in Appraisal Theory and Practice

Halbert C. Smith
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Halbert C. Smith: Real Estate Research Center College of Business Administration University of Florida Gainesville, Florida 32611, http://bear.cba.ufl.edu/centers/UFRealEstate/Cres.htm

Journal of Real Estate Research, 1986, vol. 1, issue 1, 1-17

Abstract: This paper points out some inconsistencies in appraisal practice stemming, in some cases, from inconsistencies in underlying theory, and in some cases from applications that are inconsistent with theory. The identification of inconsistencies in appraisal practice is not meant to be a wholesale attack on traditional appraisal approaches. Quite the contrary; the inconsistencies are identified with the premise that their correction would strengthen these procedures. The corollary is, of course, that their continued occurrences weaken appraisal and the appraisal function. They may lead to inaccurate value conclusions, disparities among appraisals, and lowered public confidence in appraisers. Most of the alleged inconsistencies cited in this paper can be easily corrected intellectually. Indeed, some already have been, and the corrections are slowly filtering into practice.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1986
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Citations: View citations in EconPapers (2)

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