The real estate appraisal procedures are as follows:
1. Identification of basic appraisal matters.
2. Drafting an appraisal plan.
3. Collecting data.
4. Verification of the conditions of the subject property.
5. Compiling, comparing and analyzing data.
6. Appraising the subject property by applying appraisal approaches.
7. Reconciliation of the value of the subject property.
8. Writing up the appraisal report.

Basic appraisal matters identified are as follows:
1. Contents of the subject property.
2. Date of value opinion.
3. Type of value and its conditions.
4. Purpose of appraisal.

Items included in drafting an appraised plan are as follows:
1. Identification of detailed procedures.
2. Estimation of time needed.
3. Estimation of labor demanded.
4. Estimation of expenses.
5. Drafting a progress chart.

Data which should be collected for real estate appraisal are as follows:
1. Basic data of location description, right, legal use and zoning, etc. in respect of the subject property.
2. General factors, local factors, and individual factors, which affect the value of subject property.
3. Transactions, revenue, and cost data relevant to the subject property.

A real estate appraiser should collect comparable properties according to the principles as follows:
1. The value of comparable properties conforms to the definition of market value, or could be adjusted to market value, or falls into the same type of value as the subject property.
2. The comparable properties are located in the neighborhood area or similar area within the same primary market area as the subject property.
3. With the same or similar use purpose or use control with the subject property.
4. Date of the formation of value is close to the date of value opinion.

The following matters should be investigated on-site to verify conditions of the subject property:
1. Verification of the basic data and legal status of the subject property.
2. Investigation of current use conditions of the subject property and comparable properties.
3. Verification of individual data affecting property value.
4. Taking records and photographing necessary pictures in a film or electronic form.
It needs to be stated in the appraisal report if the client does not guide the appraiser to the appraised subject and that leads to the boundary of the subject property being unsure or being unable to enter the subject property.

A real estate appraiser should apply at least two appraising approaches to estimate the value of the subject property. Nevertheless, the above requirement does not apply if special situations exist which prohibit employment of two appraising approaches and these are detailed in an appraisal report.

A real estate appraiser should undertake a comprehensive comparison between the indicated values obtained through different approaches, and examine those indicated values that are significantly different from others. The appraiser also needs to reconcile different values and determine the final value of the subject property, based on data reliability, differences in conditions of appraisal types and objectives, and the degree of similarity in formation of values, and specifies the reasons for reaching the final value.
When contract rent is adopted as the basis for distributing trust interest in securities of real estate securitization, income value through discounted cash flow method shall, based on the above criterion, be given a greater weight. An exception is applicable to a property under real estate securitization for the purpose of liquidation.

A real estate appraiser should produce an appraisal report and submit it to the client, after putting a signature or seal.
The matters which should be specified in an appraisal report are as follows:
1. The client(s).
2. Basic data of the subject property.
3. Date of value opinion and date of property inspection.
4. Type of value.
5. Conditions of appraisal.
6. Purpose of appraisal.
7. Appraised value of the subject property.
8. Ownership of and other rights and interests associated with the subject property.
9. Current use of the subject property.
10. Zoning or other regulations imposed on the subject property.
11. Analysis of principal factors affecting property value.
12. Appraisal approaches and appraisal process employed, and reasons for value determination.
13. Conditions required to be specified in accordance with this regulation.
14. Other essential matters relevant to appraisal.
15. Name and certificate number of the real estate appraiser.
Pictures and other data required attaching to the appraisal report.
The required format, attached pictures and other data of an appraisal report for the purposes of administrative enforcement or compulsory enforcement shall be in compliance with relevant regulations and are not subject to the requirement of the above paragraphs 2 and 3.

All description of facts in an appraisal report should be clear and definite. All uncertain matters should be stated in the appraisal report with regard to their possible influence on the rights or value of the subject property.