An appraisal is defined as the act or process of developing an ________ of ________.

An appraisal is defined as the act or process of developing an ________ of ________.

• A. Opinion
• B. Value
• C. Opinion, Value
• D. Value, Opinion

Answer: (C)

In appraisal practice, the key idea is that an appraisal is the act or process of developing an opinion of value. The appraiser analyzes data and market conditions to form a reasoned judgment about what a property is worth, rather than stating a fixed value. That’s why the blanks are filled with “Opinion” and “Value,” yielding “an opinion of value.” Using just “Opinion” would be incomplete, and “Value” on its own would misstate the relationship; reversing them as “Value, Opinion” isn’t how the standard phrase is used.

In appraisal practice, the key idea is that an appraisal is the act or process of developing an opinion of value. The appraiser analyzes data and market conditions to form a reasoned judgment about what a property is worth, rather than stating a fixed value. That’s why the blanks are filled with “Opinion” and “Value,” yielding “an opinion of value.” Using just “Opinion” would be incomplete, and “Value” on its own would misstate the relationship; reversing them as “Value, Opinion” isn’t how the standard phrase is used.