Appraisal

Definition

  • 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.

Synonyms
rating, evaluation, valuation, relative value, estimation, measurement, assessment

Alternate Spellings
Home Appraisal

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.
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