Appraisal
/əˈpreɪzəl/
Definitions
- (n.) The act or process of assessing the value or quality of property or an asset.
The homeowner requested an appraisal before selling the house.
- (n.) A formal statement or report giving an estimated value.
The appraisal confirmed that the artwork was worth over $10,000.
Forms
- appraisals
Related terms
See also
Commentary
Appraisal often requires expertise and is critical in contexts like property sales and insurance; precise language is key to avoid ambiguity.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.