The purpose of an appraisal assignment is to clearly define the goal of the appraisal process, whether it is to estimate market value, insurance value, value in use, or some other specific value.
An estimate of a property’s worth based on the opinion of the owner, or for a nonmonetary use, reflecting its personalized significance beyond market value.
Value in real estate represents the worth of all the rights arising from ownership. It quantifies the amount of one commodity that will be exchanged for another under specific conditions.
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.
Value In Use refers to the worth of a property in a specific use, typically its current usage. It may significantly differ from its market value, reflecting its utility in the given context.
