An appraiser establishes the date of value opinion, defines the value, and identifies the property rights to be appraised. This process is known as what?

The process of establishing the date of value opinion, defining the value, and identifying the property rights to be appraised is known as "Define the Valuation Problem." This is a critical step in the appraisal process as it lays the groundwork for a clear understanding of what is being appraised and under what conditions. By defining the valuation problem, the appraiser ensures that they have a focused scope of work that addresses the specific needs of the client or intended use of the appraisal.

Defining the valuation problem involves specifying not only the property and its attributes but also clarifying the purpose of the appraisal, the type of value being estimated (e.g., market value, investment value), and the rights associated with the property (such as fee simple or leasehold interests). This comprehensive approach helps the appraiser to gather relevant data effectively, apply appropriate methods, and arrive at a credible value conclusion tailored to the situation.

In contrast, establishing market conditions, value assessment, and identifying property rights are components of the appraisal process but do not encompass the holistic view of defining the valuation problem, which integrates all these elements into a singular, clear directive.