The Appraisal

As defined in USPAP, an appraisal is the act or process of developing an opinion of value. The valuation process is a systematic procedure the appraiser follows to answer a client's question about real property value. The most common type of appraisal assignment is the development of an opinion of market value

The Intended Use of an Appraisal

An appraisal may be requested or required for many reasons.

• To facilitate the transfer of ownership of real property

• To help prospective sellers determine acceptable selling prices or prospective buyers decide on offering prices

• To establish a basis for the exchange or reorganization of real property or for merging the ownership of multiple properties