Real estate appraisal

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Real estate appraisal

An estimate of the value of property using various methods.

Real Estate Appraisal

The act of estimating the value of real estate by a person licensed to do so. A person performing an appraisal must receive authorization from the appropriate body of the state in which he/she resides. A real estate appraisal may take into account the quality of the property, values of surrounding properties, and market conditions in the area. It is important for determining the property taxes for which the owner is liable, as well as a potential sale price, if the owner wishes to sell his/her property.
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