Valuation & AppraisalQuestion 91 of 120
An appraisal is best described as:
a.An opinion or estimate of value as of a specific date
b.A guarantee of the exact future sale price
c.A legal transfer of title
d.A type of mortgage loan
Explanation
An appraisal is a professional, supportable opinion of value as of a particular date, not a guarantee of price. Appraisers use recognized approaches to reach their conclusion. Lenders rely on appraisals to ensure the loan is adequately secured.
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