APPRAISED VALUE Meaning and
Definition
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The term "appraised value" refers to the estimated monetary worth or fair market value of a property, asset, or item as determined by a professional appraiser. It is an evaluation or assessment that aims to determine the most accurate and realistic value of a particular item for various purposes such as sales, taxation, insurance, or financial planning.
Appraised value often plays a crucial role in real estate transactions. When individuals or organizations are looking to buy or sell a property, an appraiser conducts a comprehensive examination to determine the estimated worth of the property based on various factors such as its location, size, condition, and similar sales in the area. Banks and mortgage lenders require appraisals to ensure that the property's value is sufficient to secure a loan.
In addition to real estate, other assets like jewelry, artwork, or vehicles can also be subject to appraisals to determine their market value. The appraised value can be used to establish an accurate valuation for insurance coverage, estate planning, or legal disputes.
It's important to note that the appraised value may differ from the listing or purchase price, as it is an unbiased and professional estimation based on objective criteria. Appraisals are typically conducted by licensed appraisers who possess specific knowledge and expertise to accurately evaluate the worth of a property or asset.
Common Misspellings for APPRAISED VALUE
- apprized value
- aproised value
- appriased value
- appraized value
- aporised value
- apprised value
- aprised value
- apprasied value
- apraised value
Etymology of APPRAISED VALUE
The word "appraise" comes from the Old French "apreisier" meaning "to set a price" or "to value". It originated from the Latin word "ad-" meaning "to" and "pretium" meaning "price". "Value" on the other hand, comes from the Old French "value" or "valeur" and ultimately from the Latin word "valere" meaning "to be strong, be well, or be of value". So, the term "appraised value" combines the origins of both words, indicating the estimated price or worth assigned to something during the process of appraisal.
