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Function or Intended Use:
Function or Intended Use refers to the reason an appraisal report is created, which guides how the information in the report will be used. It's like having a set of instructions that tell you how to use the information you have to reach your goal.
Imagine a family wants to buy a house and needs a mortgage. They get an appraisal to find out the house's value. The appraiser creates a report that states the value of the property. The Function or Intended Use of this appraisal report is to help the bank decide how much money they can lend to the family for their mortgage.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
In the realm of appraisals, there's a purpose, oh so clear,
Function or Intended Use, it's the reason we hold dear.
A report that tells the value, of a property in sight,
But the goal behind this knowledge, gives the report its light.
A house a family wants to buy, with a mortgage they will need,
An appraisal report is crafted, for the lender to take heed.
The Function or Intended Use, is to know just what to lend,
It guides the bank's decision, on the money they will send.
So when you study real estate, and appraisal reports arise,
Remember Function or Intended Use, it's the goal behind the prize.