Alberta Real Estate Licensing Exam Practice · Question
Which term describes the process of estimating the value of real property?
An appraisal is a professional estimate of a property's market value, often required by lenders.
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Question: Which term describes the process of estimating the value of real property?
Answer options: ✅ Appraisal
- Assessment
- Valuation
- Market analysis
Correct answer: Appraisal
Explanation: An appraisal is a professional estimate of a property's market value, often required by lenders.
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