Definitions for commonly used terms

Purpose

Why do you want a valuation?

The purpose can influence the valuation. There are certain standards, minimum requirements, testing methods and formatting differences for different purpose types. For example, the technical specifications and photos are very important for a valuation for certain insurance policy purposes where as the monetary value is a higher priority for a divorce settlement purpose.

Market

What type of scenario would you like the value based on?

The market defines what type of price is required. For example, some insurance policies indemnify loss at a retail price where other insurers indemnify loss at the replacement insurance price.

Factors

What associated factors would you like the value influenced by?

The associated factors can influence the value assigned to an item. For example, you may require a valuation for the purpose of an insurance policy, based on the retail price market however the policy may be for "new for old" rather than what the item would be in it's current condition.