Appraisal

APPRAISAL

The 6^th edition of The Dictionary of Real Estate Appraisal provides this definition of appraisal:

1. “The act or process of developing an opinion of value; an opinion of value. An appraisal must be numerically expressed as a specific amount, as a range of numbers or as a relationship (e.g. not more than, more than, not less than, less than) to a specified amount (SVP).
2. (noun) the act or process of developing an opinion of value, (adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services. (USPAP, 2016-1017 ed.)”

“An appraisal is a supportable and defensible opinion of value.”