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

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.