Fundamentals of Real Estate Appraisal, 6th Edition
By Martha R. Williams and William L. Ventolo Jr.
Real Estate Education Co., Chicago, 1994, 417 pages, $38.95
One of the world’s most difficult jobs is being a real estate appraiser. The reason is everyone has an opinion of a property’s market value and it is hard to obtain agreement as to what that correct value is.
But this classic fundamental appraisal book, now in its sixth edition, explains the appraisal profession, the basic appraisal rules, and how the appraisal process works.
Authors Martha R. Williams and William L. Ventolo Jr. emphasize both the required professional appraisal skills and theory along with the judgment necessary to become an expert appraiser. They offer a broad, authoritative overview of the appraisal profession, along with the techniques necessary to estimate market value of properties.
Throughout the book, the Uniform Standards of Professional Appraisal Practice are simplified, along with the interpretations of the authors emphasizing how they are to be implemented.
In addition to appraisal techniques, the authors explain basic real estate fundamentals, such as what is included in real estate, such as fixtures, and various types of real property estates.
But the book’s primary emphasis is on the appraisal process and how appraisers arrive at estimates of a property’s fair market value using recognized appraisal techniques. Although the book is designed as a textbook, it is excellent for self-study by readers desiring to understand how appraisals should be prepared.
Chapter topics include: The Appraisal Process, The Real Estate Marketplace, Data Collection, and Residential Construction.
This book won’t make the reader an expert appraiser. But it will introduce the reader to the basic requirements for becoming a professional appraiser. It is highly recommended as a survey for those considering entering the appraisal profession.
On my scale of one to 10, this excellent book rates a solid 10.
