fee charged by an expert to estimate, but not determine, the market value of property. An appraisal is an opinion of value, and is usually required when real property is sold, financed, condemned, taxed, insured, or partitioned. For example, the appraisal of a work of art done to establish value for the IRS when the art is to be donated to a charity may differ from the appraisal if the piece of art is about to be sold at auction. Similarly, the appraisal of a piece of real estate for insurance purposes may differ from an appraisal for determining property taxes. The appraisal fee is usually a set dollar amount, though in some cases may be calculated as a percentage of the value of the property appraised.
an amount paid to order an appraisal report.
Example: Appraiser Allen charges an appraisal fee of $500 to prepare an appraisal of a single-family home on the URAR (Uniform Residential Appraisal Report) form. Appraiser Charles charges $40,000 for a self-contained appraisal report on a multi-tenant skyscraper.
