Auction
Value Appraisal
An opinion of the expected gross dollar amount to be realized at a
professionally conducted and promoted public auction sale as of the date of
the appraisal.
Desktop Opinion
A professional opinion of value based on materials or information supplied
to the appraiser and evaluated without the benefit of viewing the assets. It
is also a tool to determine the need for an appraisal or the scope of an
appraisal. Desktop opinions should clearly be marked as a "professional
opinion" and stated that is not an appraisal.
Fair
Market Value Appraisal
An opinion of the gross dollar
amount to be realized between a willing buyer and a willing seller, in the
open market, assuming that neither party is under compulsion to buy or sell,
and both are fully aware of all relevant facts as of the date of the
appraisal.
In-Place
Value Appraisal
An opinion of the Fair Market Value which is
the gross dollar amount to be realized between a willing buyer and a willing
seller, in the open market, assuming that neither party is under compulsion
to buy or sell, both are fully aware of all relevant facts, as installed for
intended utilization as of the date of the appraisal.
New
Replacement Cost Value Appraisal
An opinion of the amount it would cost, F.0.B. the new manufacturer's
plant, to purchase a new item of like quality and specifications in the open
marketplace. When such an item is unavailable in the marketplace, the
appraiser should use his or her best judgment in estimating a value as of
the date of the appraisal.
Orderly Liquidation Value
Appraisal
An opinion of the expected gross dollar amount to be realized at an orderly
negotiated sale held within a reasonable period of time as of the date of
the appraisal.
Request
for Appraisal
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