A:\definition of market / Revised 10-17-97
National Residential Appraisers Institute
DEFINITION OF MARKET VALUE
The most probable price which a property should bring a competitive and open market under all conditions requisite
to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by
undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title
from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated: (2) both parties are well
informed advised, and each acting in what he considers his own best interest: (3) a reasonable time is allowed for
exposure in the open market: (4) payment is made in terms of cash in U. S. dollars or in terms of financial
arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions* by anyone associated with the sale.
CERTIFICATE & STATEMENT OF LIMITING CONDITIONS
Your Appraiser certifies that;
I HAVE A POSSIBLE AND COMPLETED FUTURE INTEREST IN THE SUBJECT PROPERTY FOR THE
PURPOSE OF MARKETING TO THE PUBLIC.
The Appraiser is not required to give testimony or appear in court because of having made the appraisal with
reference to the property in question, unless arrangements have been previously made therefore.
The Appraiser assumes in responsibility for matters of legal nature affecting the property appraised or the
title thereto, nor does the Appraiser render any opinion as to the title, which is assumed to be good and marketable.
The property is appraised as though under responsible ownership.
To the best of my knowledge and belief, the statement of fact contained in this appraisal report, upon which
the analysis, opinions, and conclusions expressed herein are based, are true and correct.
The “Estimate of Market Value” in the appraisal report is not based in whol