Q&A: What Is An Appraisal?

Question:

What Is An Appraisal?

Answer:

An appraisal is a professional, estimated, opinion of property “value” completed by an “appraiser.” Properties that are typically appraised are real property (real estate); personal property such as cars and jewelry; and businesses.

An appraisal is “the act or process of developing an opinion of value.” Source: USPAP, 2014-2015, U-1.

ValuationsDeborah Reece