In modern appraisal terminology, the word appraisal replaces the term 'estimate' with which word?

• A. Value
• B. Opinion
• C. Appraisal
• D. Assessment

Answer: (B)

In modern appraisal terminology, an appraisal expresses an opinion of value rather than a guess. The term used is opinion because the appraiser’s conclusion about worth is professionally reasoned and backed by market data, testing, and analysis, not a precise, fixed number. The appraiser compiles data, applies recognized approaches to value, and explains how the conclusion was reached, which makes it an informed professional opinion.

The other terms don’t fit as well: value is the conclusion itself, not the term used to describe how it’s communicated; appraisal refers to the process or report, not the word describing the conclusion; assessment is a different, often tax-related valuation concept.