APPRAISAL: (noun) the act or process of developing an opinion of value; an opinion of value.
(adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services.
Comment: An appraisal must be numerically expressed as a specific amount, as a range of numbers, or as a relationship (e.g., not more than, not less than) to a previous value opinion or numerical benchmark (e.g., assessed value, collateral value).
(UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE, 2010-2011 ed.)
APPRAISER: one who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.
(UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE, 2010-2011 ed.)
APPRAISAL PRACTICE: valuation services performed by an individual acting as an appraiser, including but not limited to appraisal, appraisal review, or appraisal consulting.
Comment: Appraisal practice is provided only by appraisers, while valuation services are provided by a variety of professionals and others. The terms appraisal, appraisal review, and appraisal consulting are intentionally generic and are not mutually exclusive. For example, an opinion of value may be required as part of an appraisal review and is required as a component of the analysis in an appraisal consulting assignment. The use of other nomenclature for an appraisal, appraisal review, or appraisal consulting assignment (e.g., analysis, counseling, evaluation, study, submission, or valuation) does not exempt an appraiser from adherence to the Uniform Standards of Professional Appraisal Practice.
(UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE, 2010-2011 ed.)
