Which of the following is NOT a common characteristic of real estate appraisal?

Real estate appraisal is a systematic process that entails various methodologies to determine the value of a property. The statement that it is always subjective does not accurately reflect the fundamental nature of appraisal. While there are subjective elements in any valuation—such as the appraiser's judgment and personal biases—the practice itself relies heavily on established principles, standardized methods, and objective data.

For instance, appraisers use comprehensive market analyses, comparable sales, income approaches, and replacement cost analyses to arrive at objective valuations. Therefore, the appraisal process is grounded in quantitative factors as much as it is influenced by personal assessments. The inclusion of calculated estimates, market data analysis, and reflections on effective market conditions all contribute to providing an objective valuation rather than purely a subjective one. Thus, asserting that real estate appraisal is always subjective mischaracterizes the systematic nature of the practice, making it the correct choice as the option that is NOT a common characteristic of real estate appraisal.