An appraisal report documents the findings of an appraisal engagement, summarizing the valuation of a property or asset. Different report formats include restricted, summary, and self-contained reports, compliant with the Uniform Standards of Professional Appraisal Practice (USPAP).
In real estate, comparables, or COMPS, refer to properties similar to the one being sold or appraised. These properties are used to estimate the value of the subject property based on their similarities in key attributes like location, size, condition, and amenities.
An independent expert who appraises the value of property for which there is limited trading. The role is crucial in assessing the value of unique assets, such as antiques in an estate or rarely traded stocks or bonds.
A homestead exemption is a legal provision that reduces the taxable value of a homeowner's primary residence, effectively decreasing the property tax burden.
An MAI Appraisal refers to a real estate appraisal conducted by a person who holds the MAI designation, granted by the Appraisal Institute, signifying a high level of experience and expertise in commercial real estate valuation.
The Sales Comparison Approach is one of the three primary appraisal methodologies used to value property by comparing it to similar recently sold properties. It's also known as the Market Comparison Approach.
The Uniform Standards of Professional Appraisal Practice (USPAP) outlines the ethical standards and requirements for professional appraisers to ensure competency and transparency in the appraisal process.
