What does USPAP define as an opinion of the worth of a property at a given time?

The term defined by USPAP as an opinion of the worth of a property at a given time is “Value.” In the context of real estate, value represents the estimated market worth of a property based on specific conditions and factors influencing that market at a particular point in time. It encompasses various considerations, such as location, demand, and the characteristics of the property itself.

In contrast, "Valuation" generally refers to the process or method of determining this value rather than the value itself. "Price" indicates the actual amount paid for a property in a transaction, which may not reflect its market value due to negotiated terms or other factors. "Appraisal" is the formal evaluation and documentation of a property’s worth conducted by a qualified appraiser. While related to the concept of value, it is more about the procedure of arriving at that conclusion. Therefore, the most accurate term directly aligned with USPAP's definition is “Value.”