Definition: The process of developing an estimate or opinion of worth for an identified property, interest, or business, for a specified purpose and date.
Example
A professional values a leased property interest as of a stated date using an appropriate definition of value.
Keep the distinction clear
Valuation is the broader activity. An appraisal, a broker's price opinion, and an automated estimate can have different standards, scopes, and permissible uses.
Related terms
Value · Appraisal · Opinion of Value
Keep studying
References: California DRE: appraisal and valuation
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