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- An appraisal is a valuation of property, such as real estate, a business, collectible, or an antique, by the estimate of an authorized person12. It aims to determine a property's value that reflects its condition, age, location, and other relevant characteristics3. Appraisals are typically used for insurance and taxation purposes or to determine a possible selling price for an item or property1. An appraisal may take into account the quality of the property, values of surrounding properties, and market conditions in the area2.Learn more:âś•This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.
Appraisals are typically used for insurance and taxation purposes or to determine a possible selling price for an item or property. An appraisal is a valuation of property, such as real estate, a business, collectible, or an antique, by the estimate of an authorized person.
www.investopedia.com/terms/a/appraisal.aspAppraisal The act of estimating the value of a property by a person licensed to do so. A person performing an appraisal must receive authorization from the appropriate body of the state in which he/she resides. An appraisal may take into account the quality of the property, values of surrounding properties, and market conditions in the area.financial-dictionary.thefreedictionary.com/appraisalAn appraisal aims to determine a property's value that reflects its condition, age, location, and other relevant characteristics. This action helps discourage banks from loaning more money to borrowers than the properties are worth.www.investopedia.com/terms/a/appraisal-approach… - People also ask
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