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Definitions
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USPAP - Uniform Standards of Professional Appraisal Practice. "Current standards
of the appraisal profession, developed for appraisers and the users of appraisal services by the Appraisal Standards Board
of The Appraisal Foundation. The Uniform Standards set forth the procedures to be followed in developing an appraisal, analysis,
or opinion and the manner in which an appraisal, analysis, or opinion is communicated. They are endorsed by the Appraisal
Institute and by other professional appraisal organizations." Appraisal Institute; The Dictionary of Real Estate Appraisal
4th Edition
MARKET VALUE- "The most probable price, as of a specified date, in cash,
or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should
sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller
each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under duress." Appraisal Institute;
The Dictionary of Real Estate Appraisal 4th Edition
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