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Complete glossary lessonNational exam concept

Appraisal

An appraisal is an independent, supportable opinion of value developed by a qualified appraiser for a stated property interest, effective date, intended use, and set of assignment conditions.

Official area

Valuation and Market Analysis

Knowledge cluster

Valuation services

Learning sequence

Define, distinguish, apply, retrieve

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Exam purpose

Recognize the rule, then reject the nearest look-alike.

Georgia lens

Apply the state distinction only when the facts call for it.

Connected terms

Connected to 4 terms and one official content area.

What does Appraisal mean in real estate?

An appraisal is an independent, supportable opinion of value developed by a qualified appraiser for a stated property interest, effective date, intended use, and set of assignment conditions.

How is Appraisal different from the closest exam answer?

An appraisal is a regulated valuation service. A comparative market analysis helps a broker advise on listing or offering strategy and is not represented as an appraisal.

What is the Georgia-specific rule?

Georgia separately regulates real estate appraisers. A real estate license alone does not authorize a broker to hold a CMA or BPO out as an appraisal.

Worked exam example

Scenario

A lender engages a licensed or certified appraiser to develop a market-value opinion for underwriting a residential mortgage.

Decision rule

An appraisal is a regulated valuation service. A comparative market analysis helps a broker advise on listing or offering strategy and is not represented as an appraisal.

What is the most common exam trap?

Trap correction

A detailed report prepared by a broker does not become an appraisal simply because it contains adjustments and comparable sales.

Memory cue: A detailed report prepared by a broker does not become an appraisal simply because it contains adjustments and comparable sales.

Original exam check

Apply the definition

Which statement correctly explains Appraisal?

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Related terms to learn next

Comparative market analysis (CMA)

A comparative market analysis is a broker's analysis of relevant market data and comparable properties to help a seller choose a listing strategy or a buyer evaluate an offer.

Broker price opinion (BPO)

A broker price opinion is a real estate broker's estimate of a property's probable selling price, often prepared for a lender, servicer, investor, or other client for a permitted purpose.

Automated valuation model (AVM)

An automated valuation model is a computer-based system that estimates property value by applying statistical or machine-learning methods to public records, property characteristics, and market data.

Fair market value

Fair market value is the amount a knowledgeable, willing buyer and seller would agree upon in an arm's-length transaction when neither is compelled and both have reasonable exposure to the market.

Recommended next complete lesson

Continue with Valuation and Market Analysis complete lesson. It places this term inside the full rule, worked examples, exam traps, and mixed practice required for mastery.
Previous termPolice powerNext term Comparative market analysis (CMA)

Appraisal quick answers

Facts checked against the current PSI Candidate Information Bulletin and GREC sources. Editorial standards.

What is Appraisal?

An appraisal is an independent, supportable opinion of value developed by a qualified appraiser for a stated property interest, effective date, intended use, and set of assignment conditions.

What is Appraisal commonly confused with?

An appraisal is a regulated valuation service. A comparative market analysis helps a broker advise on listing or offering strategy and is not represented as an appraisal.

How does Georgia treat Appraisal?

Georgia separately regulates real estate appraisers. A real estate license alone does not authorize a broker to hold a CMA or BPO out as an appraisal.