It is sometimes necessary to appraise the value of real estate. Imagine tha you are working in this profession. (20 Points) Please describe the appraisal process as defined by the Uniform Standards of Professional Appraisal Practice by highlighting the five steps you feel are most important. (5 Points) Which approaches to conduct the valuation are commonly used? (3 Points) Which of the above-mentioned approaches would you prefer to use when appraising residential real estate? (2 Points) Please describe how to identify a good comparison to establish the market value of a real estate when using the sales approach. (5 Points) What is the difference between the reproduction and the replacement approach to calculate the value of a building? (5 Points) (its all one question with different parts)