What is the correct order of importance when evaluating sections of a typical appraisal?

In commercial appraisal practice, the order of importance when evaluating sections of a typical appraisal emphasizes the logical flow of analysis and the critical elements that contribute to the overall value determination. The correct sequence should start with the foundational analyses of the property, then the supportive data and visual documentation.

Exhibits and photographs serve as crucial documentation to provide visual confirmation of the property's condition and characteristics. They supplement the narrative of the appraisal, enhancing the credibility and understanding of findings. Following this, the certification page is significant as it confirms the appraiser's credentials and adherence to professional standards, but it usually comes after the main analytical components have been discussed.

The Income Approach, which assesses the property’s potential to generate income, is a key valuation method. However, this method is contingent on understanding the property's highest and best use—the most profitable legal use of the property, considering zoning, market demand, and physical attributes. Analyzing highest and best use comes prior to any income approach assessment to ensure that the income metrics applied are relevant to the property’s maximum viability.

Consequently, the flow should logically progress from the supporting details (exhibits and photographs) to the affirmation of the appraiser's qualifications, then to the analytical frameworks (income approach and highest and best