An appraisal can only be completed by a state licensed (or certified) real estate appraiser.  While Realtors often provide value estimates (particularly when listing a home for sale) those value estimates are not appraisals. 

Real estate appraisers utilize a number of techniques to estimate value, and any appraisal performed must abide by guidelines set forth by USPAP (Uniform Standards of Professional Appraisal Practice).  This includes years of experience in the local markets, and numerous hours of education (including continuing education required to renew our certification every two years).  The appraised value estimate typically involves current market value, but can also be based on value as of a past date (retrospective), or a future date (forecasting). 

Residential appraisers typically complete assignments on detached and attached single-family homes, 2 to 4-family dwellings, and condos. 

An appraisal may include a full inspection of the property, in which case the appraiser will schedule a time with you to walk through each room of the property to document condition, finishes, etc..  Appraisals can also be completed without an inspection of the property.  The appraiser can accumulate numerous facts regarding the property from the county assessor, Realtors records, etc..  Extraordinary assumptions are made regarding details that cannot be confirmed.  Such appraisals may be advantageous when access to the property is not possible.

The final report can be written or verbal, and a written report can be brief (such as a one page letter) or detailed with photos, floor plans, and full explanation of the process used.  In all cases the appraiser completes adequate research, and all necessary analyses and reconciliation of gathered data.  The results of that work file are maintained in accordance with USPAP.