Valuation standards

All members of the TVC adhere to the following valuation standards:

Market Value

Unless otherwise stipulated by applicable laws and regulations, appraisers are expected to use the following definition of market value:
"The estimated amount at which real estate would be transferred on the valuation date between a willing buyer and a willing seller in an arm's length transaction, after proper marketing and where the parties would have acted with full knowledge, prudently, and without coercion."

Foreclosure Value

Unless otherwise stipulated by applicable laws and regulations, appraisers are expected to use the following definition of market value: 

"The price that would have been spent by the highest bidder in a forced public sale according to local custom when offered free of rent and use." 

Rebuild Value

Unless otherwise stipulated by applicable laws and regulations, appraisers are expected to use the following definition of market value: 

"The price required to rebuild the property in the same condition at the exact location, in the event of destruction."