Real Estate Appraisal
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Real Estate Appraisal: Help, How To, Tips and Advice
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There are three usual approaches to determining the fair market value of a property, ''cost approach, sales comparison approach, and income approach''. The appraiser will determine which of the approaches is applicable and develop an appraisal based upon information from each individual market area. Costs, income, and sales vary widely from area to area and particular importance is given to the specific location of the property.
Article from Wikipedia licensed under GNU Free Documentation License.
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Last Updated August 11, 2005
Definition
Real Estate Appraisal: Real estate appraisal is a service performed by an appraiser that determines valuation (what property is worth) and legal use (highest and best use).
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