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E. V. DOLAN CO. <br />' REALTOR AND APPRAISER <br />1 <br />E. VINCENT DOLAN, M.A.I. <br />NORTHERN FEDERAL BUILDING <br />ST. PAUL, MINNESOTA 55102 <br />1 <br />PREFACE <br />An Appraisal is an estimate of value. An Appraisal Report on a parcel <br />of Real Estate, when prepared by a well <br />-qualified Appraiser, is an <br />opinion of value reached after careful inspection of the property, <br />and investigation into all factors having an influence on it. <br />' <br />Appraising <br />can never be an exact science. People, not brick and mortar, <br />ortar, <br />create value. Real property has value only in relation to its capacity <br />to satisfy the needs and desires of these people. Due to continual <br />' <br />change in human behavior, of attitudes. of factors of supply and demand, <br />of urgency - the value of real estate fluctuates, sometimes widely. <br />Price or Cost should not be confused with Value. Unusual circumstances <br />may cause the price paid to be greater, or less, than the value. The <br />Appraiser, in his valuation study, relates how typical buyers and sellers <br />' <br />previously have acted upon similar properties and, through his <br />education, experience and judgment, interprets how they are most likely <br />to act upon the property being appraised. <br />' <br />The value estimated, then, is a reflection of the attitudes of typical <br />buyers and sellers to the property in question. It assumes that both are <br />fully informed and prudent persons, that neither is acting under undue <br />' <br />compulsion, and that a reasonable time will be allowed to explore all <br />usual avenues of marketing. <br />Finally, an Appraisal Report is prepared only after a careful analysis of <br />all pertinent factors has been made. To warrant consideration, it must <br />be made in accordance with a high moral standard of professional conduct, <br />' such as the Code of Ethics of the American Institute of Real Estate <br />Appraisers. <br />MARKET VALUE <br />' <br />The most. probable price estimated in terms of money <br />bring if exposed for sale in the open by <br />which the property <br />will <br />market a seller <br />who is <br />willing <br />but not obliged to sell, allowing <br />a reasonable time <br />to find a buver <br />who is willing but 110t obliged to <br />buy, both parties <br />having full <br />. <br />' <br />knowledge of all the uses to which <br />it is adapted and <br />for which <br />it is <br />capable of being used. <br />1 <br />1 <br />1 11 Page 1 <br />