Valuation - The process of estimating the value of a property as of a given date. Mortgage Value - The value the lender places on a property.  Real Estate Value - Current worth of the benefits associated with the property and use.  Capitalized Value - The resulting value of applying capitalization rates in the capitalization approach.  Insured Value - The face amount insurance will pay for a property.  Value-In-Use - Lesser than the market value, does not take into account highest and best use. The value a particular property has for a particular use.  Highest and Best Use - The use of a site that would yield the greatest land value.  Market Value - The value of the property based on analyzing data collected about the property.  Progression and Regression - The principle that holds that a property is affected by the surrounding properties.  Progression - The smallest house on the block will increase if other homes have more value.  Regression - The largest home on the block will decrease if other homes are lower in value.  Evaluation - The study of the nature, quality, or utility of certain property interests in which a value estimate is not necessarily required; looks at principles that influence the value of the property.  Appraisal - An unbiased estimate of the nature, quality, value or utility of a property.  CMA - Done by an agent; an examination of the prices in which similar properties in the same area have recently sold for.  - Appraisals are done by professionals using data over the "Sales Comparison Approach", "Cost Approach", or "Income Approach"

- According to the principle of substitution, a buyer will not pay more for a home than what they would pay for another home that is equally attractive and available.  - CMAs take place in the neighborhood, at the home site, and with existing property improvements.  - The most common reason a house fails to sell is due to overpricing.  - The principle of supply and demand says that the value of a property depends on how many properties are available in the area, property prices, number of prospective buyers, and the price buyers are willing to pay.  - Appraisal Process    - Define the problem    - Collect, record, and substantiate all relevant information     - Ascertain the property's "highest and best use"     - Estimate the value of the land itself     - Estimate the value of the entire property (using one of the three approaches)    - Reconcile the values     - Report the final value estimate  - Why are appraisals performed?     - Aiding present owners in determining property worth for home equity loans or investment purposes,     - Assisting lenders in mortgage approvals and determining appropriate loan values,     - Correctly determining the ad valorem tax amount for a particular county,     - Discerning the current economic situation,     - Discovering past trends in a specific sector,