Definition of Appraisal
What does the term "appraisal" mean? What is the definition of the term "appraisal"?
An "appraisal" occurs when something is valued by an "authorized" person. This person will usually have some sort of a professional designation that will allow them to issue a valid appraisal.
For instance - let's say that you want to get your home appraised because you are thinking about putting it on the market. You would contact a certified real estate appraiser in order to give you a proper value for the home.
Or, another common example of when an appraisal is necessary - you put in a great deal of work on an antique vehicle that you own, and now your insurance company is asking for proof of an increased value in order to give you proper coverage. They suggest taking your vehicle in for an appraisal so that if anything happens to the car, you receive the proper value because you are insured correctly.
Other things that people will commonly get appraised - businesses, antiques, paintings and other forms of art.
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