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Definition of 'Appraisal'
A valuation of property (ie. real estate, a business, an antique) by the estimate of an authorized person. In order to be a valid appraisal, the authorized person will have a designation from a regulatory body governing the jurisdiction the appraiser operates within.
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Investopedia explains 'Appraisal'
Appraisals are typically used either for taxation purposes or to determine a possible selling price for the property in question. The appraiser can use any number of valuation methods in order to determine the appropriate value to assign, including the current market value of similar properties, quality of property and valuation models.
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