Chapter one explains the history of appraisal, appraisal practice, appraisal purposes and uses as well as the appraisal field’s relationship to Real Estate Financing. According to the lesson the last major financial crisis in real estate was the savings & loan crisis of the 1980s.
- After this financial disaster in the 1980s what safeguards were implemented bo preven this from happening again?
- Is it possible that activities in the appraisal industry might contributed to the real estate financial crisis of the 2007-2009?
Appraisal is defined as “an opinion of value”. Appraisals are important for the real estate industry and the industry stakeholders, i.e. buyers, sellers, agents, brokers, investors, lenders, borrowers and others. In your opinion what would the situation be if the appraisal industry did not exist?