Appraisal

Real Estate Appraisal in Florida Exam: Florida Real Estate Salesperson Last Updated: June 2026 --- ## What Is an Appraisal? An appraisal is an expert opinion of a property's market value at a specific point in time, conducted by a licensed or certified appraiser following the Uniform Standards of Professional Appraisal Practice (USPAP). Appraisals are typically required: - By lenders before issuing a mortgage loan - For estate settlement and probate - For property tax appeals - For divorce or partnership dissolution - For eminent domain (condemnation) proceedings --- ## Appraisal vs. CMA vs. BPO These three valuation tools are frequently confused on the exam: | Tool | Who Prepares It | Purpose | Admissible for Lending? | |---|---|---|---| | Appraisal | Licensed/certified appraiser | Opinion of market value; USPAP-compliant | Yes | | CMA (Comparative Market Analysis) | Real estate licensee | Help buyer/seller price property | No | | BPO (Broker Price Opinion) | Real estate broker or sales associate | Used by lenders for REO/short sales | Limited (not full appraisal) | > Exam Tip: A real estate licensee cannot prepare an appraisal and call it an appraisal. A licensee can prepare a CMA or BPO, but NEVER use the word "appraisal" for work they do unless they are also a licensed appraiser. --- ## Key Value Definitions | Term | Definition | |---|---| | Market Value | Most probable price a property would sell for in a competitive, open market with reasonable time, informed parties, and no undue pressure | | Assessed Value | Value assigned by the county property appraiser for property tax purposes; may differ from market value | | Appraised Value |…