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     3.  Qualification of Property to be Appraised 
        The   appraisal  is  to  include   only  the  real estate 
    interests   at  the  above  location;   since  it  is  common 
    practice to include refrigerators and stoves in the sale of 
    residential income property, the estimate of fair market of 
    the    subject  property  will  assume   inclusion  of  these 
    personalty items. 
       The legal interest to be appraised is     the  fee  simple 
    interest of the subject property. 
BO      etinofF ai     Ma rkt 
    1Wuie ADp-rasal Mpethodology 
    1 -  Value Definition 
        The   fundamental  purpose of an appraisal assignment is 
    most usually to estimate value. Conventionally,    the  value 
    required is Market Value, defined as: 
             The most probable price in terms of money which 
        a property should bring   in  competitive   and  open 
        market   under  all  conditions   requisite to a fair 
        sale, the buyer and seller, each acting    prudently, 
        knowledgeably    and   assuming   the  price  is  not 
        affected by undue stimulus. 
             Implicit in this definition is the consummation 
         of a sale as of a specified date and the passing of 
         title  from  seller  to-buyer     under   conditions 
         whereby: 
         1.buyer and seller are typically motivated. 
         2. both parties are well informed or well advised, 
             and each acting in what they consider their own 
             best interest. 
         3.  a reasonable time is allowed   for  exposure  in 
   ~the open market. 
     4. payment is made in cash or its equivalent. 
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