Definition of Appraisal:
Alternative term for valuation.
An appraisal is a valuation of property, such as real estate, a business, collectible, or an antique, by the estimate of an authorized person. The authorized appraiser must have a designation from a regulatory body governing the jurisdiction of the appraiser. Appraisals are typically used for taxation purposes or to determine a possible selling price for an item or property.
Evaluation by a qualified appraiser to (1) assess the current market value of a property, (2) estimate the extent of damage to an insured property and cost of repairs, or (3) determine if a total loss occurred. A written appraisal is usually a key requirement when a property is bought, sold, insured, or mortgaged. It is required also when a claim is filed for compensation for damage or destruction of the insured property. See also appraisal value.
An act of assessing something or someone.
Appraisals are used in many types of transactions, including real estate. If a home appraisal, for example, comes in below the amount of the purchase price, mortgage lenders are likely to decline to fund the deal. Unless the prospective buyer is willing and able to come up with the difference between the appraised value and the lender's financing offer, the transaction will not go forward.
Impartial analysis and evaluation conducted according to established criteria to determine the acceptability, merit, or worth of an item.
Synonyms of Appraisal
Analyzing, Appraisement, Appraising, Appreciation, Apprizal, Approximation, Assessing, Assessment, Assize, Assizement, Calculation, Categorization, Classification, Computation, Correction, Determination, Dual pricing, Estimate, Estimation, Evaluating, Evaluation, Evaluative criticism, Factoring, Gauging, Grouping, Identification, Instrumentation, Judgment, Measure, Measurement, Measuring, Mensuration, Metric system, Opinion, Price determination, Pricing, Quantification, Quantization, Ranking, Rating, Reckoning, Sifting, Sifting out, Sorting, Sorting out, Stock, Survey, Surveying, Telemetering, Telemetry, Triangulation, Unit pricing, Valuation, Valuing, View, Weighing, Winnowing, Assessment, Evaluation, Estimation, Judgement, Rating, Gauging, Sizing up, Summing-up, Consideration
How to use Appraisal in a sentence?
- We are waiting on an appraisal for my car before we sell it; I am hoping to get the most out of it so I can invest in a newer car.
- The authorized appraiser must have a designation from a regulatory body governing the jurisdiction of the appraiser.
- When you are looking to acquire a piece of property you should have an appraisal to get an impartial evaluation of its value.
- I needed to have an important part of the process of selling my home completed by next week so I paid extra to get the appraisal done immediately.
- The report has been subject to appraisal.
- Appraisals can be done for tax purposes when valuing charitable donations as well as with insurance policies that require appraisals of goods being insured.
- An appraisal is a valuation of property, such as real estate, a business, collectible, or an antique, by the estimate of an authorized person.
Meaning of Appraisal & Appraisal Definition