This unit specifies the skills and knowledge required to appraise residential property for sale or lease.

It includes selecting appraisal method/s and recommending appraisal price of property for sale or lease.

This unit does not include establishing a formal property valuation.

This unit applies to people currently working in or seeking to work in real estate who apply a knowledge of legislative and compliance requirements, ethical standards and consumer preferences to manage real estate operations.

State or territory licensing requirements may apply to this unit.