Concepts Definitions
Appraisal: An estimate or opinion of the value of a piece of property as of a specific date.
Market Value: The most probable price a property should bring in a competitive and open market under fair conditions, where the buyer and seller act prudently and knowledgeably without undue pressure.
Specific Date: The precise point in time for which an appraisal’s value estimate is considered valid, reflecting market conditions and property characteristics at that moment.
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