In appraisal terminology, what does "subject property" refer to?

The term "subject property" specifically refers to the particular property that is the focus of an appraisal. This is the property that an appraiser evaluates to determine its value based on various factors such as location, size, condition, and comparables in the area. The appraisal process centers around this property to provide an opinion of its market value, which can be used for various purposes like sales, financing, or tax assessments.

Defining it correctly allows appraisers to provide clear and concise reports that pertain directly to that property, distinguishing it from other properties that might be involved in a transaction or appraisal scenario.

The other options do not accurately reflect this definition. For instance, a property owned by the highest bidder may not necessarily be the property under appraisal, and a property currently under construction or listed for sale may not be the specific focus of an appraisal at that time. These definitions illustrate different contexts in which properties may be discussed but do not capture the essence of what constitutes the "subject property" in appraisal terminology.