Appraisal definition

An appraisal is a written opinion or estimate of value, rendered by a knowledgeable person or firm, preferably one that has education, training and experience in such matters. Professional appraisers will typically have a designation that certifies their appraisal credentials.

In general terms, an appraisal may be made for a business concept, or any asset, such as equipment or real estate. Appraisals are often a critical part of a bank loan proposal.

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