Appraisal vs. Evaluation. What are evaluations?

[Michigan CG]

Forgive the length. ........

Mr. Young, thanks for the post. I noticed that you posted it twice. The reason it didn't appear the first time you posted is because it is in a thread that is moderated. The Newbie and Ask an Appraiser sections are moderated so your posts only appear when a moderator has approved them.

Moderator.

 

[Gregory Young]

Mr. Young, thanks for the post. I noticed that you posted it twice. The reason it didn't appear the first time you posted is because it is in a thread that is moderated. The Newbie and Ask an Appraiser sections are moderated so your posts only appear when a moderator has approved them.

Moderator.

Whoops, my apologies

 

[Mike Kennedy]

OCC REGULATIONS

http://www.occ.gov/news-issuances/news-releases/2010/nr-ia-2010-138.html

 

[Ken B]

What is an evaluation? Go to the source -

http://www.FDIC.gov/regulations/laws/rules/5000-4800.html

 

[Pilgrum]

Dictionary of Real Estate Appraisal. Fourth Edition

appraisal.​

​

​

​

(n.) The act or process of
developing an opinion of value; an
opinion of value. (adj.) Of or pertaining
to appraising and related
functions such as appraisal practice​

or appraisal services.

An estimate of value for
certain real estate-related transactions
that are exempt from federal​

agencies’ appraisal requirements.

Not a bunch of differences. A few in the reporting requirements but other than that.....

 

[Pilgrum]

Dictionary of Real Estate Appraisal. Fourth Edition.

evaluation.​

​

​

​

An estimate of value for
certain real estate-related transactions
that are exempt from federal​

agencies’ appraisal requirements.

appraisal.​

​

​

​

(n.) The act or process of
developing an opinion of value; an
opinion of value. (adj.) Of or pertaining
to appraising and related
functions such as appraisal practice​

or appraisal services.

 

[Ken B]

I would think the Appraisal Institute purposefully utilized "opinion" and "estimate" in their definitions.

AVMs can estimate; they cannot opine. Appraiser should opine and not estimate.