Part $1$: Suppose you are a residential appraiser and you are contacted by a homeowner who wants to find the value of their residence.

What type of appraisal method should you use and why?

What types of issues may come up in an appraisal?

Part $2$: A home received an appraisal last year of $$600$K$.$ Two years later, the owner is ready to sell. Home prices in the area are up $12\%.$

What is the current value of the home?

How would you go about determining the increase in value?