Appraisal practice
Appraisal
An independent opinion of value produced by a licensed or certified appraiser
It is an opinion supported by data and produced under professional standards, and it is prepared by someone with no interest in the transaction. Where a loan is federally related, whether an appraisal is required and who may perform it are regulated matters.
How the exam asks about it
The line the exam guards: a comparative market analysis is not an appraisal, and a licensee calling one an appraisal is a practice violation, not a wording preference.
Related terms
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