The Washington herald., 1921-10-23
EDUCATION COMES
FROM EXPERIENCE
IN REALTY WORLD
Appraising Nearer Pro
fessionalism Than Any
Part in Business.
FIELD is CHANGING
Sound Judgment Depends
Upon Interpretation of
Past Acts, Is Claim.

current problems affecting real
TOTS are discussed in a concise man
ner by a prominent real estate man.
Inc following Is quoted:
May 1 direct you attention to
what may be termed the more gen.
eral and current problems which
are before US At this time? ] re-
Ter TO the conditions brought about
oy this period of readjustment. and
TO those caused by the development
of our business.
Treating the last named first.
We should individually take cogni-
zariee of the development of our
business as such. BY that do not
mean the development of our in
uvioual businesses, but rather the
Snenges that have come In the con-
oulf OF and the public attitude to-
ward the business of real estate.
II 10 not conceit upon our part
When We say that the business has
changed In character during the
nfteen years. and Is rapidly
GhSnstng each succeeding year
cnangfng for the better In the meth
oos We folloY, in the facilities and
equipment which we use, the ethical
ep1edces to which We more strictly
Aohers and possibly In q higher
| VI men IN Lne IraQe.
/ IN nothing more than in the ap-
prtising OF property Is the lack of
sres professionalism more apparent,
anu yet as a matter of fact, as a
MISTER Of strict terminology, ap-
praising IL nearer to professionalism
tntn any other part Of the real
estate business.
"A profession Is defined as being
q Yocstfon for which one prepares
oyIA thorough study, one requiring
special training and education. Ap-
praising Is entirely a matter of
Judgment, the accuracy Of which,
IKE all professional matters, IL the
result Of the education Of the ap-
pratser. coupled with his ability to
put his education to practical use.
But unlike the generally recog-
niSed profession. our education
comes but little from schooling and
books. but primarily from expert
ence- Whether our judgments are
sound and accurate depend upon
our Interpretation of those expert
ences. Experience with soundness
Of Interpretation is as useless as an
EFFORT to sppraise without expert
ence.
And yet we see continual evil
denees OF appraising in which there
Is lamentable lack. either of ex-
pertence or Of sound Interpretation,
and In many. cases a lack OF both.
The grave Importance Of aecura-
cy seems to be too frequently over
looked. As an association, we are
interested In accuracy because Of
the prestige and faith that comes
through accuracy, and the demolish-
ing ehect upon our prestige and in
flusnce that comes through mac
curAcy; for 1t should be remembered
that while II takes years to build
good will and faith. II requires but
little TO shatter 1t. As 1t takes
long acquaintance to breed close
friendship, which is shattered by
hasty or unthought word, so Is the
hand night for growing prestige of
our, business seriously set back by
each questionable appraisal
we seem occasionally to oVeF-
look the Importance of our work TO
those who employ u.s. Appraisals
area used for the settlement of es-
tates. the determination OF selling
prices, the establishment Of book
values, prices to be paid by those
who have rights OF condemnation
and dozens of purposes wherein in
accuracy or unfairness on the part
OF the appraiser works a very dis
tinet hardship upon those who are
actually selling or buying the prop
erty.
obviously. an appraisal Is worth
less unless II Is accurate, but Il
may be more than worthless, in thar
IL epay work an actual loss. Ap-