Appraisal: The process of developing and communicating an opinion about a property’s value. An appraisal is usually required when real property is sold, financed, condemned, taxed, insured or partitioned. Note that an appraisal is an estimate, not a determination, of value. An appraisal may be in the form of a lengthy written report, a completed preprinted form, a simple letter or even an oral report.
Real Estate Word of the Day: Appraisal
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