What is typically included in the analysis phase of the appraisal process?

The analysis phase of the appraisal process focuses on examining and interpreting data that reflects the property's value. Research on comparable property sales is a fundamental component of this phase because it allows the appraiser to identify market trends and establish a value estimate based on similar properties' sale prices. By evaluating these comparables, the appraiser can make informed adjustments based on differences in features, location, and conditions that affect property values.

Option A, which involves personal insights and opinions on property value, does not fit the rigor of the analysis phase, as appraisals must be grounded in objective data rather than subjective opinions. Option C, a listing of local real estate agents, is not relevant to property valuation and does not provide the necessary analytical data. Option D, which includes recommendations for property improvements, falls into advisory services that can occur after the value has been established rather than being part of the value analysis itself. Thus, research on comparable property sales directly supports the objective valuation process and is integral to the analysis phase.