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A real estate appraisal
is a service performed, by an appraiser, that develops an opinion of value
based upon the highest and best use of real property. The highest and best use
is that use which produces the highest possible value for the property. This
use must be profitable and probable. Also of importance is the definition of
the type of value being developed and this must be included in the appraisal,
ie fair market value, condemnation value, quick sale value, etc. The most
common type of value sought being the fair market value.
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