Which element can be excluded for an appraisal to be considered complete?

For an appraisal to be considered complete, the sales approach, while important, is not a mandatory element. The sales comparison approach is one of several methods an appraiser may employ to determine a property's value, but its absence does not render an appraisal invalid. An appraiser can use other methods such as the cost approach or the income approach depending on the nature of the property and the purpose of the appraisal.

In contrast, the property description, signature, and date are essential components of an appraisal. A property description provides critical information about the subject property, ensuring clarity about the specific asset being evaluated. The signature of the appraiser certifies the authenticity and accountability of the appraisal, affirming that it has been completed according to established standards. The date is crucial as it establishes the relevancy and timing of the appraisal concerning market conditions. Without these elements, an appraisal could be deemed incomplete or legally insufficient.