|
Taken from The
Dictionary of Real Estate Appraisal, Third Edition, 1993
The definition of an appraisal
is:
1. An analysis, opinion,
or conclusion relating to the nature, quality, value, or utility of
specified interests in, or aspects of , identified real estate.
(Code of Professional Ethics of the Appraisal Institute) In this
usage, appraisal covers a variety of assignments, including
valuation, consulting, and review.
2. The act or process of
estimating value; an estimate of value. (USPAP, 1992 edition).
The definition of an appraisal
process is:
A systematic procedure
employed to provide the answer to a client's question about the
value of real property.
|
