What must an appraiser confirm about the sales data when conducting a real property appraisal?

When conducting a real property appraisal, an appraiser must confirm that the sales data is verified and reliable. This is essential because the accuracy and credibility of the sales data directly impact the value conclusion that the appraiser arrives at. Reliable data ensures that the appraisal reflects current market trends and conditions, which are fundamental for determining an appropriate property value. Verifying sales data typically involves checking multiple sources, including public records, MLS listings, and thorough research into comparable properties.

Appraisers rely on this verified data to strengthen their valuation analysis and provide a defensible appraisal report. Without confirming the reliability of sales data, the appraised value might not withstand scrutiny from clients, regulatory bodies, or potential legal challenges. Reliable data also enhances the credibility of the appraisal in the eyes of lenders and buyers who depend on accurate property valuations for their financial decisions.