An appraisal is a professionally developed opinion of value for a specific property as of a specific effective date, performed in accordance with USPAP (Uniform Standards of Professional Appraisal Practice) and, when required (e.g., federally related transactions), by a state-licensed or state-certified appraiser.
An assessment is the value assigned by a taxing authority for property tax purposes.
An evaluation may be an estimate of value that does not necessarily comply with USPAP or require a state-licensed appraiser (often for certain banking purposes where an appraisal is not required).
An inspection is an examination of a property’s condition, not an opinion of value.
USPAP (definition of appraisal; effective date of value).
Maryland Business Occupations and Professions, Title 16 (Real Estate Appraisers) — licensure/certification framework.
FIRREA Title XI (federally related transactions require state-licensed/certified appraisers).
Maryland 60-Hour Pre-Licensing Course: “Real Estate Appraisal and Valuation” (definitions; scope; USPAP).
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