The Appraisal Date, or Effective Date of Appraisal, is the specific date on which the appraised value of a property is based. This date can impact the value derived in the context of historical price trends, market conditions, and other relevant factors.
An appraisal fee is a payment made to an appraiser for evaluating the value of a property and producing an official appraisal report.
An Appraisal Report is a comprehensive document that explains a property's value, including the data and methodologies used to determine that value. It provides detailed insights and is foundational in real estate transactions.
Assumptions and limiting conditions are specific stipulations and constraints under which an appraisal is conducted. These conditions provide a framework within which the valuation can be understood and accepted.
Certification in real estate refers to an appraiser's formal attestation of freedom from bias in an appraisal report and the official acknowledgment of one's expertise, often mandated by state regulations.
A fee in real estate can refer to the ownership interest in land that may be inherited, known as a fee simple or fee simple defeasible, or it can refer to compensation based on the completion of a specific task.
The Report Date is the date an appraisal report was prepared, typically reflecting the date the transmittal letter was assembled. It contrasts with the Appraisal Date, which is often the effective date of the valuation.
A transmittal letter introduces a larger document, such as an appraisal report, and provides essential information about the origin and purpose of the accompanying document.
Value Definition pertains to a statement provided in an appraisal report that defines the estimated value of a property. It includes various types of values, such as market value for condemnation in a jurisdiction, value in use, and insurable value.
