- A market value estimate for a parcel of real estate that is made by a competent professional who is knowledgeable about local real estate prices and market trends.
rating, evaluation, valuation, relative value, estimation, measurement, assessment
Related Terms and Acronyms
- Appraisal Fee — Definition,
- What someone charges to deliver a professional opinion about how much a property is worth.
- Appraisal or Appraiser (ap) — Abbreviation,
- An estimate of the market value of a piece of real estate made by a competent professional who knows local real estate prices and markets.
- Appraisal Report — Definition,
- A detailed evaluation of the value of a property based on an inspection and a review of the values of nearby, comparable properties.
- Appraised Value — Definition,
- An educated opinion of how much a property is worth.
- Appraiser — Definition,
- A person qualified by education, training, and experience to estimate the value of real property and personal property.
- Assessments — Definition,
- Special and local taxes imposed upon property which benefits from an improvement that has been made in the vicinity.
- Comparables — Definition,
- Refers to "comparable properties," which are used for comparative purposes in the appraisal process.
- Competent — Definition,
- Legal ability to make decisions and enter into contracts.
- Current Market Value (CMV) — Acronym,
- The estimated price determined by the recent sale of similar properties.
- Environmental Impact Statement (EIS) — Acronym,
- A government-required evaluation of how construction will affect the environment surrounding a site.
- Inspection — Definition,
- A critically and carefully performed examination.
- Inspection Report — Definition,
- The documentation of a thorough examination of a house's visible structural parts and systems, conducted before purchase.
- Low Ball Offer — Definition,
- A way-below-market bid a buyer makes on a property or item.
- Monetary Value — Definition,
- A property's monetary value is its worth if sold at this moment in time.
- Non-Scheduled Personal Property — Definition,
- Assets considered common enough that they are automatically covered by property insurance without the need for an appraisal or receipt.
- Valuation — Definition,
- The estimation of a property's price value through an appraisal.
- The process of finding the worth of an asset or business.