The act or process of estimating the market value of real estate when a transaction secured by real estate falls within one or more of the exemptions set forth to the requirements for obtaining a full appraisal. If a transaction falls under one of three exemptions, an evaluation is required. If the transaction is exempted under one or more exemptions not including one of the three that require an evaluation, an evaluation may still conducted if the lender considers it prudent. An evaluation may be conducted by independent bank personnel or by an appraiser. When an appraiser conducts such an estimate of value, it is called a limited appraisal and must meet requirements for limited appraisals.

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evaluate e‧val‧u‧ate [ɪˈvæljueɪt] verb [transitive]
to carefully consider something to see how useful or valuable it is:

• We need to evaluate the success of our last marketing campaign.

— evaluation noun [countable, uncountable] :

• the development and evaluation of new products

• We need to carry out a proper evaluation of the new system.

• According to his performance evaluation, his work was always satisfactory.

• There are many people who think that job evaluation is unnecessary.

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evaluation UK US /ɪˌvæljuˈeɪʃən/ noun [C or U]
the process of judging something's quality, importance, or value, or a report that includes this information: get/give/offer an evaluation »

Before filing for bankruptcy, it is advisable to get an evaluation done by a bankruptcy attorney.

a free evaluation »

Find out how much your property is worth with our free real estate evaluation!

evaluation of sth »

Based on its evaluation of market conditions, the company had decided not to repurchase shares at this time.

IT the action of trying a new computer system or program in order to decide whether to buy it: evaluation version/edition »

Click here to download a free evaluation version of our software, valid for a 30-day trial period.

See also PERFORMANCE EVALUATION(Cf. ↑performance evaluation), SELF-EVALUATION(Cf. ↑self-evaluation)

Financial and business terms. 2012.

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