Terms & Definitions

APPRAISER - one who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.

ASSIGNMENT - a valuation service that is provided by an appraiser as a consequence of an agreement with a client.

BIAS - a preference or inclination that precludes an appraiser's impartiality, independence or objectivity in an assignment.

EFFECTIVE DATE - the date to which an appraiser's analyses, opinions, and conclusions apply; also referred to as date of value.

INTENDED USE - the use of an appraiser's reported appraisal or appraisal review assignment results, as identified by the appraiser based on communication with the client at the time of the assignment.

INTENDED USER - the client and any other party as identified, by name or type, as users of the appraisal or appraisal review report by the appraiser, based on communication with the client at the time of the assignment.

MARKET VALUE - a type of value, stated as an opinion, that presumes the transfer of a property, as of a certain date, under specific conditions set forth in the value definition that is identified by the appraiser as applicable in an appraisal.

PERSONAL INSPECTION - a physical observation performed to assist in identifying relevant property characteristics in a valuation service.

SCOPE OF WORK - the type and extent of research and analyses in an appraisal or appraisal review assignment.

REAL PROPERTY - the interests, benefits, and rights inherent in the ownership of real estate.

VALUE - the monetary relationship between properties and those who buy, sell, or use those properties, expressed as an opinion of the worth of a property at a given time.

VALUATION SERVICE - a service pertaining to an aspect of property value, regardless of the type of service and whether it is performed by appraisers or by others.