Section 24-5-23.5-1 - "Appraisal"(a) As used in this chapter, "appraisal" means an estimation that: (1) represents the final opinion of the value of real property that is the subject of a real estate transaction; and(2) serves as the basis for the extension of credit, in the case of a real estate transaction involving the making, refinancing, or consolidation of a mortgage loan.(b) The term may include any of the following: (1) The results of an automated valuation model.(2) A broker's price opinion.(3) A desktop evaluation.As added by P.L. 52-2009, SEC.2.