The opinion of value in an appraisal is considered to be the most likely price that a house would bring on the open market with an informed buyer and seller.
(2) The term “real” refers to real property as opposed to business values or some non property value. This means just the lot and any improvements that are considered to bring value were looked at, at the time of the appraisal. (sorry, cows dont count, and neither do removable items such as trailers not on perminant foundations, removable jacuzzi’s, and other personal property).