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.
- Home
- Word of the Day
- Real Estate Word of the Day: Appraisal
Real Estate Word of the Day: Appraisal
Written by Heath Murry on . Posted in Word of the Day
Trackback from your site.