Property Valuation
An appraisal is defined as:
AAn estimate of value prepared by the buyer's agent
BAn unbiased professional opinion of value by a licensed or certified appraiser✓ Correct
CThe price agreed upon by buyer and seller in a contract
DThe county assessor's determination of taxable value
Explanation
An appraisal is an unbiased, professional opinion of a property's value prepared by a licensed or certified appraiser following USPAP (Uniform Standards of Professional Appraisal Practice). Appraisals are used by lenders to ensure the property is adequate collateral for the loan.
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