The Real Estate Encyclopedia
Category - Real Estate Glossary - Real Estate Terminology
1.  A ''defensible'' and carefully documented opinion of value most commonly derived using recent sales of comparable properties by a licensed, professional appraiser.

2.   A statement of value or estimation of the value of a property as of a certain date conducted by a disinterested person with suitable qualifications.  Generally, value for single family properties is based upon a review of recent market activity using sales of comparable properties as a basis and then making value adjustments based upon the comparison of comparable property to the subject property. 

Real Estate Glossary - Real Estate Terminology
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