In a legal context, to “appraise” refers to the act of assessing or determining the value, worth, or quality of property, assets, or goods. Appraisals are often conducted by qualified professionals, such as real estate appraisers, business valuation experts, or personal property appraisers, who use various methods and criteria to evaluate the subject property or assets. Appraisals may be conducted for various purposes, including determining fair market value for tax assessment, establishing the value of property for sale or purchase transactions, or assessing damages in legal disputes. The results of an appraisal may be used as evidence in legal proceedings, negotiations, or decision-making processes to help parties reach agreements, resolve disputes, or make informed decisions regarding the valuation of assets. Appraisals are subject to professional standards, regulations, and guidelines to ensure accuracy, reliability, and consistency in the valuation process.
Appraise (verb): 1. To assess or evaluate the value, worth, or quality of something, typically in a systematic and objective manner. Example: The real estate agent appraised the house to determine its market value. 2. To make a judgment or estimation about someone’s abilities, performance, or potential. Example: The teacher appraised the student’s essay and provided constructive feedback. 3. To consider or examine something carefully and critically. Example: The art critic appraised the painting, analysing its composition, technique, and overall impact. 4. To determine the condition, authenticity, or genuineness of an item, especially in the context of antiques or collectibles. Example: The expert appraised the antique vase to verify its age and origin. 5. To provide an official valuation or appraisal for insurance, taxation, or legal purposes. Example: The certified appraiser appraised the jewellery collection for insurance coverage.
v. to professionally evaluate the value of property including real estate, jewellery, antique furniture, securities, or in certain cases the loss of value (or cost of replacement) due to damage. This may be necessary in determining the value of the estate of someone who has died, particularly when the items must be divided among the beneficiaries, to determine the value of assets for insurance coverage, to divide partnership assets, set a sales price, determine taxes, or make insurance claims.
Appraise is a legal term that refers to the act of evaluating or assessing the value, worth, or quality of something, such as property, assets, or a business. This process is often conducted by a qualified appraiser who uses various methods and criteria to determine the fair market value of the subject property or asset. Appraisals are commonly used in real estate transactions, insurance claims, estate planning, and business valuations. The results of an appraisal can have significant legal and financial implications, as they may impact the outcome of a sale, the amount of insurance coverage, or the distribution of assets in a legal proceeding.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 29th March, 2024.
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