What must an appraiser do if there is a known, current agreement of sale for a property being appraised?

In the context of property appraisal, when there is a known, current agreement of sale, the appraiser is required to analyze the agreement in the appraisal. This is crucial because the agreement provides insight into the price the market is willing to pay for the property under current conditions, which can significantly impact the appraisal value.

By evaluating the terms of the agreement, including the price and any contingencies or conditions associated with the sale, the appraiser can determine if the sale reflects the true market value. This analysis can help the appraiser assess whether the sale is indicative of the broader market trends or if there are specific aspects of the agreement that warrant further consideration.

Incorporating the agreement into the appraisal process helps ensure that the valuation is fair and reflects the actual market dynamics, making it an essential step for accurate property assessments.