A formal opinion of value, either written or oral, prepared as a result of a retainer, intended for reliance by identified parties, and for which the signing appraiser assumes responsibility.

A formal opinion of value is not an appraisal if it is not the result of a retainer, if it is not intended to be relied upon, and if it is one for which the Member would not be expected to accept responsibility. APPRAISAL is also defined as the act or process of developing an opinion of value.