Terminology

Appraisal – A written analysis of the estimated value of a property prepared by a qualified appraiser. Contrast with home inspection.

Appraised Value – An opinion of a property’s fair market value, based on an appraiser’s knowledge, experience, and analysis of the property.

Assessed Value – The valuation placed on property by a public tax assessor for purposes of taxation.

Income Property – Real estate developed or improved to produce income.

Investment Property – A property that is not occupied by the owner.