An appraisal is defined as:
A) market price
B) an estimate of value
C) maximum security for a loan
D) actual resale price

Question

Quizplus · Accepted Answer

An appraisal is an estimate of the value of a property, usually conducted by a professional appraiser. While it may take into account market trends and recent sales, it is not necessarily the same as the market price or an actual resale price. It may also be used as a factor in determining the maximum security for a loan, but this is not its primary purpose.

An Appraisal Is Defined As