Intended Use of an Appraisal

Definition: The use or uses for which an appraisal assignment is developed and reported, as identified for that assignment.

Example

An appraisal is prepared for a lender's decision on a particular mortgage transaction.

Keep the distinction clear

A report prepared for one purpose is not automatically suitable for another, such as litigation or a tax appeal. Intended use helps determine the necessary scope of work.

Related terms

Appraisal · Appraiser

Keep studying

FREC Course II Syllabus

References: The Appraisal Foundation: USPAP