Business, Legal & Accounting Glossary
An act or instance of appraising something or someone; especially: the valuation of a property by the estimate of an authorised person.
This involves the assessment of alternative courses of action with a view to establishing which course of action should be taken.
Appraisals can be financial, economic or technical in their emphasis.
An appraisal is a professional evaluation of the current market value of real, personal, or intangible property. A qualified appraiser typically performs an appraisal. An appraisal is usually required when property is sold, insured, or financed. The most common usage of the term appraisal is that associated with a real estate appraisal. A real estate appraisal provides written justification for the price of a piece of land, a house, or a commercial building. The real estate appraisal is primarily based on an analysis of comparable sales of nearby properties. An appraisal can help a potential buyer determine what price to offer while assisting the lender with mortgage requirements. Other items that frequently go through the appraisal process include jewellery, fine art, antiques, aircraft, businesses, and certain equipment. An appraisal is also used for tax purposes. There are two primary types of appraisal: fee appraisal (appraisal by a contracted appraiser who is paid a fee) and a mass appraisal (appraisal of many properties using a statistical approach conducted by a government agency).
Now a detailed appraisal of the scheme will need to be carried out.
What is your appraisal of the situation?
An investment appraisal comes with the project.
The appraisal system aims to assess an employees’ strengths and weaknesses.
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This glossary post was last updated: 21st November, 2021 | 8 Views.