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Article: Appraisal arbitration: the role of the real estate appraiser in resolving value disputes.
- Article from:
- Appraisal Journal
- Article date:
- April 1, 1999
- Author:
CopyrightCOPYRIGHT 1999 The Appraisal Institute. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Among the various aspects of real estate appraisal, one of the more interesting and challenging is appraisal arbitration. In appraisal arbitration, parties to a real estate contract settle their differences by relying on two or more knowledgeable appraisers. Most real estate transactions, including leases and sales, are based on the concept of market value, and most participants feel that if they have reached a "market-based" result, the deal is fair. Indeed, until recently the term "market" was often prefaced with the term "fair." More modern constructions simply use the word "market," perhaps indicating either that the word "fair" is redundant, or that fairness is not a ...