Word Watch · Term 27 of 30 · 0:51
Appraisal
ProductionIllustrated Click2CE lesson; AI-assisted production with Sarah narration
In brief
An appraisal develops a supported opinion of value using property facts and relevant market evidence.
Example
A brokerage comparative market analysis may discuss pricing, but it is not automatically an appraisal.
TranscriptRead along, or select a timestamp to jump there
- An appraisal is a professionally developed opinion of value supported
- by analysis.
- It is not simply the seller's asking price or an
- unsupported guess.
- Follow the work:
- gather property facts, analyze relevant market evidence, and develop a
- supported value opinion.
- The assignment and property determine the appropriate analysis.
- A comparative market analysis from a real estate licensee can
- also discuss pricing, but it is not automatically an appraisal.
- The products have different purposes and requirements.
- A C M A is not a substitute where an
- appraisal is required.
- Quick check:
- does discussing value make every market analysis an appraisal?
- No.
- Identify the product, its purpose, and the applicable requirements.
