The term inspection typically refers to the site visit with respect to the appraisal process. The inspection or site visit can have different steps and/or levels depending upon the scope of work of the engagement. Typical residential site visit types include: Interior and Exterior inspection Exterior only inspection No inspection (desktop products/reports) An Interior and [...]
The typical appraisal process begins with the Scope of Work. For each appraisal, appraisal review, and appraisal consulting assignment, an appraiser must: identify the problem to be solved; determine and perform the scope of work necessary to develop credible assignment results; and disclose the scope of work in the report. An appraiser must properly identify [...]
MARKET VALUE: a type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal. Comment: Forming [...]
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 [...]