What is an appraisal?

An appraisal is an informed opinion of value for a particular use, as of a certain date, and using a specific type of value. It is based upon thorough research of data, verified and analyzed within the most relevant market, and details the procedures used to estimate the value. Appraisals are not a list with prices. An appraiser must follow specific guidelines for developing and communicating an appraisal assignment based upon the Uniform Standards of Professional Appraisal Practice (USPAP) as set forth by the Appraisal Standards Board of the Appraisal Foundation.