What does a "walkthrough" refer to in the context of real estate appraisal?

In the context of real estate appraisal, a "walkthrough" refers to an informal inspection conducted to gather preliminary information about the property. This process allows the appraiser to observe the property's condition, layout, and other relevant features firsthand, which is essential for a comprehensive appraisal.

Walkthroughs typically happen before any formal valuation work begins and are critical in helping the appraiser understand aspects that may influence the property’s value. This can include evaluating the state of maintenance, the level of updating or renovations done, and the overall impression of the property.

The other choices involve more formalized processes or reviews that do not capture the informal and exploratory nature of a walkthrough. A full appraisal report involves detailed analysis and conclusions rather than the preliminary observation of a walkthrough. A formal meeting with stakeholders is focused on discussions and decision-making rather than property evaluation. An online review of property documents pertains to the review and analysis of existing records rather than a physical inspection, which is what a walkthrough entails.