Fact: While most states support the concept that assessed value approximate estimated market value, this often is not the case. Examples include when interior remodeling has occurred and the assessor is unaware of the improvements, or when properties in the vicinity have not been reassessed for an extended period of time. Accurate assessments also require accurate data on a property. Assessments often reflect dated market conditions and inaccurate property data.

Fact: appraiser make a detailed analysis of all factors pertaining to the value of a home including its location, condition, size, proximity to facilities and recent sale prices of comparable properties in the subject market area.

Fact: The appraisal is, in fact, legally owned by the lender, however consumers may obtain a copy of the appraiser report from their lender who had ordered the report under the Equal Credit Opportunity Act.

Fact: Value appreciation of a specific property must be determined on an individualized basis, factoring in data on comparable properties and other relevant considerations. This is true is good times as well as bad.

Fact: An appraisal does not serve the same purpose as an inspection. The appraiser forms an opinion of value in the appraisal process and resulting report. A home inspector determines the condition of the home and its major components and reports these finding. Home inspectors are not appraisers and appraisers are not home inspectors.

Fact: Property value is determined by a number of factors, including location, condition, improvements, amenities and market trends. ​ While the exterior view of a property often indicates a level of care, the inside of a home is often in very different condition. A new roof does not indicate a new bath or kitchen, nor does an old roof mean the interior is in need of updating. A full interior inspection of a property allows for the greatest level of accuracy in property valuation.