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What is an Appraisal?

TASA ID: 379

It may seem like a silly question, but often the silly questions are the best.  What exactly is an appraisal? The answer and its consequences may surprise you, whether you are a professional appraiser, one that uses appraisal services, or just an interested third party.

According to the Uniform Standards of Professional Appraisal Practice, an appraisal is the act or process of developing an opinion of value.  To be even simpler, it is an opinion of value.  Anytime a “professional” places the monetary worth on an item, whatever the item might be, the result could be called an appraisal.  This could be expressed numerically; it usually is, but it could also be rendered as a relationship (“it’s worth more than a trip to Disneyland”).


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