Final answer:
The number $119,000 determined by an appraiser in Sampson County for a property's worth is called the property's appraised value. This valuation is vital for real estate transactions and influences lending, taxation, and sale prices.
Step-by-step explanation:
When an appraiser in Sampson County, North Carolina, determined that a property is worth $119,000, this number is known as the property's appraised value. The number $119,000 determined by an appraiser in Sampson County for a property's worth is called the property's appraised value. This valuation is vital for real estate transactions and influences lending, taxation, and sale prices.
The appraisal process involves evaluating various factors such as the property's location, condition, and comparison to similar properties recently sold in the area to estimate what the property is worth on the market. Appraised values are essential in real estate transactions because they can influence the amount a bank is willing to lend, the property tax assessments, and the price at which a property may be listed or sold.