Real estate appraisal
Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property (usually market value). Real estate transactions often require appraisals because they occur infrequently and every property is unique (especially their condition, a key factor in valuation), unlike corporate stocks, which are traded daily and are identical (thus a centralized Walrasian auction like a stock exchange is unrealistic). The location also plays a key role in valuation. However, since property cannot change location, it is often the upgrades or improvements to the home that can change its value. Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, and so on. Sometimes an appraisal report is used to establish a sale price for a property.
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Quotes
edit- The worth of a thing is what it will bring.
- Carr, D. H., D. R. E. Education, et al. (2003). Mastering Real Estate Appraisal, Kaplan Publishing.
- Trump Park Avenue, New York, NY
- This property is included as an asset on Mr. Trump’s Statement of Financial Condition (statement) from 2011 to 2021 with values ranging between $90.9 million and $350 million. In July 2020, the Trump Organization received an appraisal with a value of $84.5 million, but on the 2020 Statement the Trump Organization valued Trump Park Avenue at $135.8 million.
- New York State Attorney General Background on Trump Organization Properties and Fraudulent Schemes (2011 to 2021)
