Appraise Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Appraise, written in plain English, along with examples of how it is used.
What is Appraise?
n. assumption of risk is a defense in the law of torts, which bars a plaintiff from getting compensated by a so-called negligent tortfeasor, if the defendant proves the involvement of risk being inherrent in the plaintiff’s act and the plaintiff knowingly and willingly assumed the risks by participating in the act on his free will. eg. rock climbing, skiing, job involving hazardous situations, etc. This defense is commonly used in cases of injuries occurring during risky recreational activities. But this assumption of risk is only a primary assumption and does not relieve the operators or owners or employers of risky activities/business of the liability. For this assumption to be accepted in the court the specific risk which caused the harm must have been known or demonstrated to the plaintiff.
History and Meaning of Appraise
Appraise is a legal term used to describe the act of determining the value or worth of a property. The process of appraising involves an evaluation of the property based on several factors such as location, physical condition, age, and any unique features. The history of appraising can be traced back to ancient civilizations, where rulers and wealthy individuals would hire professionals to evaluate the worth of their properties.
In modern times, appraisals are an essential part of many legal and financial transactions. Real estate transactions, insurance claims, and business mergers are some of the situations where an appraisal is necessary. The appraisal process is regulated by state and federal laws, and appraisers must hold valid licenses and certifications to perform their duties.
Examples of Appraise
A homeowner hires an appraiser to evaluate the market value of their property before putting it up for sale.
An insurance company sends an appraiser to assess the damage caused to a car in an accident to determine the cost of repairs.
A bank requires an appraisal of a property before approving a mortgage loan.
Legal Terms Similar to Appraise
Valuation: The process of determining the worth or value of a property or an asset.
Assessment: A determination of the value or worth of something.
Appraisal report: A document that outlines the results of an appraisal, including the appraiser's findings and conclusions.
Evaluation: A process of evaluating or assessing the worth of a property, idea, or other asset.
Market analysis: The study of current market trends and conditions to determine the value of a property or asset.