MARKET VALUE (Fair Market Value)
A professional
opinion of the estimated most probable price expressed in terms of
currency to be realized for property in an exchange between a willing
buyer and a willing seller, with equity to both, neither being under
any compulsion to buy or sell, and both parties fully aware of all
relevant facts as of the effective date of the appraisal report.
MARKET VALUE - IN PLACE
A professional opinion of the estimated most probable price expressed
in terms of currency to be realized for property in an exchange between
a willing buyer and a willing seller, with equity to both, neither
being under any compulsion to buy or sell, and both parties fully aware
of all relevant facts, as installed for intended utilization, as of the
effective date of the appraisal report.
FORCED LIQUIDATION VALUE (Auction)
A professional
opinion of the estimated most probable price expressed in terms of
currency which could typically be realized at a properly advertised and
conducted public auction sale, held under forced sale conditions and
under present day economic trends, as of the effective date of the
appraisal report. Conclusions taken into consideration are physical
location, difficulty of removal, physical condition, adaptability,
specialization, marketability, overall appearance and psychological
appeal. Further, the ability of the asset group to draw sufficient
prospective buyers to insure competitive offers is considered. All
assets are to be sold on a piecemeal basis 'as is' with purchasers
responsible for removal of assets at their own risk and expense. Any
deletions of additions to the total assets appraised could change the
psychological and or monetary appeal necessary to gain the price
indicated.
ORDERLY LIQUIDATION VALUE
A professional
opinion of the estimated most probable price expressed in terms of
currency which the subject equipment could typically realize at a
privately negotiated sale, properly advertised and professionally
managed, by a seller obligated to sell over an extended period of time,
usually within six to twelve months, as of the effective date of the
appraisal. Further, the ability of the asset group to draw sufficient
prospective buyers to insure competitive offers is considered. All
assets are to be sold on a piecemeal basis 'as is' with purchasers
responsible for removal of assets at their own risk and expense. Any
deletions or additions to the total assets appraised could change the
psychological and/or monetary appeal necessary to gain the price
indicated.
NEW REPLACEMENT COST VALUE
A professional
opinion of the cost expressed in terms of currency, F.O.B. the
manufacturer's plant, to purchase a new item of like quality and
specifications. If such an item is unavailable, the appraiser has used
his or her best judgment in estimating a value as of the effective date
of the appraisal.
DESKTOP OPINION
A professional
opinion of the appropriately defined value, expressed in terms of
currency to be realized by the sale of assets, in which the opinion is
generated from lists and/or other informational materials supplied to
the appraiser and evaluated without the benefit of an actual on site
inspection. This opinion is not recommended for use in credit
decisions. A desktop opinion should be used to determine the need for
an appraisal or the scope of an appraisal.
