What is the best definition of an appraisal?

An appraisal is fundamentally an estimate of value, which means it involves a professional judgment regarding the worth of a property. This process typically includes a thorough analysis of various factors such as the property's condition, location, market trends, and comparable sales. The aim is to determine a fair market value, which is crucial for transactions involving buying, selling, or financing real estate.

Choosing "an estimate of value" captures the essence of what an appraisal entails, encompassing the necessary analysis and research that go into quantifying a property's worth. This definition aligns with the primary purpose of appraisals in real estate, which is to provide an unbiased assessment that stakeholders can rely on when making informed decisions.