Duhaime's Law Dictionary


Appraisal Definition:

The informed and objective inspection and estimation of a thing's worth.

Related Terms: Valuation, Appraisement, Fair Market Value

Synonymous with valuation, the latter term being preferred in some jurisdictons or industries or in regards to the appraisal of certain goods.

Also known as appraisement, especially as regards to ships or maritime law.

Jowitt's Dictionary of English Law defines appraisement as:

"The act of valuing property, goods, furniture, etc.

Appraisement of a ship is sometimes ordered by the Admilralty Division of the High Court and also, generally, before the sale of any property by order of the court."

Appraisals often require expert knowledge and whole industries exist, supported by professional associations and qualifications for certified or registered appraisors or valuators (for example, the Canadian National Association of Real Estate Appraisers or the American Society of Appraisers).

As the American Society says:

"Appraisers value everything: real estate, jewelry, antiques, businesses, cars, airplanes, animals, corporate assets, utilities, intellectual properties, careers, ancient manuscripts and even roadside signs."

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