Definition
An independent professional opinion of a property's market value, developed by a licensed appraiser using recognized methodology.
Example
The lender ordered the appraisal through a management company to preserve independence from the loan officer.
Related terms
Frequently asked questions
What does Appraisal mean in real estate?
An independent professional opinion of a property's market value, developed by a licensed appraiser using recognized methodology.
How is Appraisal used in practice?
The lender ordered the appraisal through a management company to preserve independence from the loan officer.
This definition is provided for educational purposes. Legal and tax terminology can carry jurisdiction-specific meaning — confirm with a licensed professional before relying on it in a transaction.