[3][4][1] They are mostly ordered by institutions to get a quick value on a parcel of real estate,[5] like the lender that holds the mortgage on the property.
[7] Before their creation, a set of commonly accepted standards and guidelines for the real estate industry did not exist.
The BSB and the NABPOP came together to create a uniform, standardized system which combined the best techniques, processes, and methods of real estate price evaluations.
[8] The standards include what real estate agents and brokers must adhere to, such as ethics, conduct, and disclosures, as well as the proper application of techniques.
The guidelines are more flexible in order to meet the diversity of requirements that are prevalent throughout the valuation industry and are considerations.