Appraisal is a document that gives an estimate of a property's fair market
value. An appraisal is generally required by a lender before loan approval to
ensure that the mortgage loan amount is not more than the value of the property.
The appraisal is performed by an "appraiser" who is typically a state-licensed
individual trained to render expert opinions concerning property values. In
an appraisal, consideration is given to the property, its location, amenities
as well as its physical conditions.
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