While it is often sufficient to rely on informal methods of estimating the market value of real estate assets, the complexity and large dollar value of many real estate decisions dictate that formal estimates based on methodical collection and analysis of relevant market data should be utilized. The unbiased written estimate of the market value of a property is commonly referred to as a(n):
A) arm's length transaction
B) appraisal
C) property adjustment
D) reconciliation

Question

Quizplus · Accepted Answer

The unbiased written estimate of market value for a property is commonly referred to as an appraisal.

While It Is Often Sufficient to Rely on Informal Methods