| Real estate appraising is classified by those in the field as an art, and not a science. The ideology is that the appraiser's subjective judgement in property valuation is not reproducible by nonhuman means, which the model presented in this thesis aims to contradict. The model was tested by comparing appraised values obtained from twelve appraisals, from two independent fee appraisers, with the appraised values derived from the model. Eight of the twelve appraisal comparisons were within a 5 percent value of each other. The results showed there is a possibility that a system may be developed to move appraising more towards a science. The model does require the knowledge of an appraiser to incorporate his or her opinions in the formulas comprising the model. But, once the model is in place, the appraiser's role is of an information gatherer, rather than a property valuator; the model performs the valuating. |
