Definitions and Resources

definitions-and-resourcesThroughout this site and in working with Duncan & Brown, you will come across terms that may be unfamiliar. This section of our site seeks to help you learn definitions to some of the more common terms and provide you with a bit of education related to the appraisal process. We'll add to this section over time and would appreciate feedback as to what might make this area of our site more helpful.

Definitions of Value

Click to learn definitions of the various values used in appraisals such as the difference between Market Value and Market Price, Use Value, Investment Value, Insurable Value, Public Interest Value, and Assessed Value.

Highest and Best Use

A property must be appraised in terms of its highest and best use. Once the highest and best use has been determined, the appraiser can then apply the appropriate approaches to value. Click to learn more about this.

What is an Appraisal?

Learn about appraisals including what is involved, what qualifications appraisers have, and what to consider when hiring an appraiser.

appraisals commercial industrial agricultural rural