Determining the identity of the property to be appraised is part of which step in the appraisal process?

Determining the identity of the property to be appraised is indeed a crucial component of the first step in the appraisal process, known as the "Definition of the Problem." This step involves gathering fundamental information about the property, including its location, legal description, and any relevant characteristics that influence its value. By thoroughly understanding which property is to be appraised, the appraiser lays the groundwork for subsequent stages of the appraisal.

This initial step is essential because it sets the direction for the evaluation process, ensuring that the analysis is focused and applicable. It encompasses understanding the purpose of the appraisal, the type of value being sought, and the relevant market conditions. Without identifying the property accurately, the appraiser cannot perform an effective analysis or reach a precise valuation.

Subsequent steps in the appraisal process build upon this foundational knowledge, making the first step critical for the overall success of the appraisal.