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

Determining the identity of the property to be appraised is a crucial component of the first step in the appraisal process, known as "Define the Problem." This initial step sets the foundation for the entire appraisal by clarifying what the appraiser needs to evaluate. It involves not only identifying the property and its characteristics but also understanding its purpose for the appraisal, such as for a sale, financing, taxation, or litigation.

The identification serves to ensure that the appraiser is focusing on the correct property, understanding its specific attributes and any external factors that could affect its value. This step is critical because an accurate property identity allows the appraiser to gather suitable data and apply the appropriate valuation methods later in the process.

Other steps in the appraisal process follow this initial definition, where appraisers select approaches, gather data, analyze the information, and finally reach a conclusion of value. The clarity provided in the first step greatly informs all subsequent actions, making it vitally important for a successful appraisal.