What is typically included in a formal property appraisal?

A formal property appraisal is typically a comprehensive report conducted by a licensed appraiser. This type of appraisal involves a thorough analysis of various aspects of the property, including its physical characteristics, location, and market conditions. The licensed appraiser employs standardized methods and techniques to determine the property's value, ensuring the appraisal is reliable and credible for purposes such as financing, taxation, or sales.

In contrast, the other options lack the rigor and formality associated with a professional appraisal. A simple evaluation by a property owner does not carry the professional validation or detailed analysis necessary for effective valuation. Similarly, a quick assessment by non-professionals would not meet the standard required for an accurate and authoritative appraisal. Finally, while a summary of neighborhood statistics may contribute to understanding a property's context in the market, it does not encompass the full and detailed methodology of a formal appraisal conducted by a licensed appraiser.