What’s the difference between an evaluation, valuation, and appraisal?

An evaluation is a more general report which may or may not address value and is specific to the question of the client.

A valuation is the result of an evaluations that addressed value (how much something is worth), but may not meet the criteria of an appraisal. If the value of an asset is needed but there is intentionally/unavoidably bias in the valuation, it shouldn’t be called an appraisal. It’s just a generic valuation.

An appraisal is a type of unbiased valuation which results in the Fair Market Value (how much it should sell for if properly marketed) and should follow guidelines set forth by USPAP.