"Appraisal"

Sec. 1. (a) As used in this chapter, "appraisal" means an estimation that: (1) represents the final opinion of the value of real property that is the subject of a real estate transaction; and (2) serves as the basis for the extension of credit, in the case of a real estate transaction involving the making, refinancing, or consolidation of a mortgage loan. (b) The term may include any of the following: (1) The results of an automated valuation model. (2) A broker's price opinion. (3) A desktop evaluation. As added by P.L.52-2009, SEC.2.