Definition of Appraisal

Appraisal

The process of determining the value of property, usually for lending purposes. This value may or may not be the same as the purchase price of the home.

Appraisal

A written report by a qualified appraiser estimating the value of a property.

Appraisal

An expert valuation of property.

Appraisal Value

An estimate of the market value of the property.

Cash Surrender Value

This is the amount available to the owner of a life insurance policy upon voluntary termination of the policy before it becomes payable by the death of the life insured. This does not apply to term insurance but only to those policies which have reduced paid up values and cash surrender values. A cash surrender in lieu of death benefit usually has tax implications.

Inspection Report

This is a telephone interview of the person applying for life insurance conducted by someone from the underwriting department of the insurance company. Some insurance companies only sporadically contact applicants and some contact every applicant. On average the interview lasts between 15 to 30 minutes. The questions asked relate to personal habits (like smoking and alcohol consumption) and finances, including income and net worth, confirmation of employment, duties and the nature of the applicant's business. In addition, there are questions about driving, sports, aviation and currently held insurance. All information obtained is strictly confidential and is submitted solely to the underwriter for review.

Account Value

The sum of all the interest options in your policy, including interest.

Accumulated Value

An amount of money invested plus the interest earned on that money.

Benefit Value

The amount of cash payable on a benefit.

Cash Surrender Value

Benefit that entitles a policy owner to an amount of money upon cancellation of a policy.

Valuation

Estimation of worth.

Valuation Date

Date on which valuation occurs.

Agreement of Purchase and Sale

A legal agreement that offers a certain price for a home. The offer may be firm (no conditions attached), or conditional (certain conditions must be fulfilled before the deal can be closed).

Appraisal Value

An estimate of the market value of the property.

Home Equity

The difference between the price for which a home could be sold (market value) and the total debts registered against it.

Assessed value

The dollar value of an asset assigned by a public tax assessor for the purposes of taxation.

Coach home

One of a group of homes in a two-story building, with own garage and entrance.

Courtyard home

A home with a courtyard as its main entrance.

Home warranty

Like any other warranty, This guarantees the property against failure of mechanical systems, such as plumbing, electrical, heating and installed appliances.

Patio home

Small, single-family home with a patio.

Single-family home

A detached house.

R Value

A measure of insulation. A measure of a material's resistance to the passage of heat. The higher the R value, the more insulating "power" it has. For example, typical new home's walls are usually insulated with 4" of batt insulation with an R value of R-13, and a ceiling insulation of R-30.

Stick-Built Home

A house built without prefabricated parts. Also called conventional building.

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