Definitions (3)
Related Terms
1. Impartial analysis and evaluation conducted according to established criteria to determine the acceptability, merit, or worth of an item.
2. Evaluation by a qualified appraiser to (1) assess the current market value of a property, (2) estimate the extent of damage to an insured property and cost of repairs, or (3) determine if a total loss occurred. A written appraisal is usually a key requirement when a property is bought, sold, insured, or mortgaged. It is required also when a claim is filed for compensation for damage or destruction of the insured property. See also appraisal value.
3. Alternative term for valuation.

Use 'appraisal' in a Sentence

When you are looking to acquire a piece of property you should have an appraisal to get an impartial evaluation of its value.
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I needed to have an important part of the process of selling my home completed by next week so I paid extra to get the appraisal done immediately.
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We are waiting on an appraisal for my car before we sell it; I am hoping to get the most out of it so I can invest in a newer car.
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