Pennsylvania Auctioneer Practice Exam

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What is an appraisal?

  1. A. The actual amount paid or received

  2. B. An opinion

  3. C. Physical depreciation

  4. D. Unusual condition for transfer

The correct answer is: B. An opinion

An appraisal is commonly defined as an opinion of value given by a qualified appraiser based on research and analysis of relevant market data. Appraisers consider various factors including the condition of the item, comparable sales, and market trends to arrive at an estimated value. This makes choice B the correct answer. On the other hand, the other options are not accurate definitions of an appraisal. Option A refers to the actual amount paid or received, option C refers to physical depreciation, and option D refers to an unusual condition for transfer, none of which accurately define an appraisal in the context of valuation and assessment of value.

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