Real estate appraisal, property valuation or land valuation is the process of valuing real property. The value usually sought is the Market Value. These reports are used as the basis for loans, for settling estates and divorces, for tax matters, and so on.
"The higher men climb the longer their working day, There are no office hours for leaders".
There can be differences between what the property is really worth (Market Value) and what it cost to buy it (Price). A price paid might not represent that property's market value. Sometimes, special considerations may have been present, such as a special relationship between the buyer and the seller where one party had control or significant influence over the party. In other cases, the transaction may have been just one of several properties sold or traded between two parties. In those cases, sometimes the price paid for any particular piece isn't it's market value (with the idea usually being, though, that all the pieces and prices add up to market value of all the parts). https://www.paypal.com
Three approaches to valueThere are three general groups of methodologies for determining value. These are usually referred to as the "three approaches to value" which are generally independent of each other:
The cost approach
The sales comparison approach and
The income approach
