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What is an Appraisal?
Key Definitions
What is an Appraisal?

An appraisal is a professional appraiser's opinion of value. The preparation of an appraisal involves: (i) research into appropriate market areas; (ii) the assembly and analysis of information pertinent to a property; and (iii) the knowledge, experience, and professional judgment of the appraiser.

Appraisals may be required for any type of property, including single-family homes, apartment buildings and condominiums, office buildings, shopping centers, industrial sites, and farms. The reasons for performing a real property appraisal are just as varied. They are usually required whenever real property is sold, mortgaged, taxed, insured, or developed. For example, appraisals are prepared for:

•        Mortgage lending purposes

•        Tax assessments and appeals of assessments

•        Negotiation between buyers and sellers

•        Government acquisition of private property for public use

•        Business mergers or dissolutions

•        Lease negotiations

Source: Appraisal Institute. The Dictionary of Real Estate Appraisal. 5th ed. Chicago, IL: Appraisal Institute, 2010. Print.

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