An appraiser will most likely follow all of these steps in their appraisal, EXCEPT:

An appraiser's primary function is to develop an independent, impartial, and objective opinion of a property's market value. The appraisal process involves gathering data, estimating land value, applying various valuation approaches, and reconciling the results into a final value opinion. Setting a listing price, however, is a marketing and business decision made by the property owner, typically in consultation with their real estate agent. The listing price is the amount the property is offered for sale and may be influenced by the seller's motivation and market strategy, not just the appraised value.

A. estimating the land value: This is a critical step in the appraisal process, particularly when using the cost approach, and is also a component of the highest and best use analysis.

C. reconciling the value estimates: Reconciliation is the final analytical step where the appraiser weighs the different values derived from the sales comparison, cost, and income approaches to arrive at a single, defensible opinion of value.

D. gathering and recording data: This is a fundamental and initial phase of any appraisal, where the appraiser collects specific information about the subject property and general data about the market and comparable properties.

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1. The Appraisal Institute. (2020). The Appraisal of Real Estate (15th ed.).

Reference: Chapter 1, "The Valuation Process," outlines the standard steps an appraiser follows. These steps include data collection and analysis, land value opinion, application of approaches, and reconciliation. The process results in an opinion of value, not a listing price.

2. Virginia Department of Professional and Occupational Regulation (DPOR). (2023). Virginia Real Estate Board Licensing Regulations.

Reference: 18VAC135-20-10, "Definitions." The regulations define the distinct roles of an appraiser (providing an opinion of value) and a real estate licensee (acting as an agent in a transaction). A licensee prepares a comparative market analysis (CMA) to help a client determine a listing price, which is distinct from a formal appraisal.

3. Jacobus, C. J. (2022). Real Estate Principles (13th ed.).

Reference: Chapter 16, "The Appraisal Process." This chapter details the Uniform Standards of Professional Appraisal Practice (USPAP) and the appraisal process. It clearly distinguishes between an appraiser's objective valuation and a real estate agent's role in advising on a listing price, which is a marketing tool.