Appraisal

Appraisal – A statement of a property’s value by a licensed appraiser. It must also contain the reason for the value and how it was arrived at.

  • Example: To determine a value for a certain reason, such as for taxes or for sale, an appraisal can be ordered from a licensed appraiser. The appraisal is done and valued for a specific reason at a specific time.
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