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-e.g., appraisal practice, appraisal services.
APPRAISAL REVIEW: the act or process of developing and communicating an opinion about the quality of another appraiser's work.
APPRAISER: one who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.
COST: the amount required to create, produce, or obtain a property.
EXTRAORDINARY ASSUMPTION: an assumption, directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions.
FEASIBILITY ANALYSIS: a study of the cost-benefit relationship of an economic endeavor.
HYPOTHETICAL CONDITION: that which is contrary to what exists but is supposed for the purpose of analysis.
INTANGIBLE PROPERTY (INTANGIBLE ASSETS): nonphysical assets, including but not limited to franchises, trademarks, patents, copyrights, goodwill, equities, mineral rights, securities, and contracts, as distinguished from physical assets such as facilities and equipment.
INTENDED USE: the use or uses of an appraiser's reported appraisal, appraisal review, or appraisal consulting assignment opinions and conclusions, as identified by the appraiser based on communication with the client at the time of the assignment.
INTENDED USER: the client and any other party as identified, by name or type, as users of the appraisal, appraisal review, or appraisal consulting report, by the appraiser on the basis of communication with the client at the time of the assignment.
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.
PERSONAL PROPERTY: identifiable tangible objects that are considered by the general public as being "personal" for example, furnishings, artwork, antiques, gems and jewelry, collectibles, machinery and equipment; all tangible property that is not classified as real estate.
PRICE: the amount asked, offered, or paid for a property.
REAL ESTATE: an identified parcel or tract of land, including improvements, if any.
REAL PROPERTY: the interests, benefits, and rights inherent in the ownership of real estate.
SCOPE OF WORK: the amount and type of information researched and the analysis applied in an assignment. Scope of work includes, but is not limited to, the following:
·the degree to which the property is inspected or identified;
·the extent of research into physical or economic factors that could affect the property;
·the extent of data research; and the type and extent of analysis applied to arrive at opinions or conclusions.
VALUE: the monetary relationship between properties and those who buy, sell, or use those properties.