Appraisal

Definition: An appraisal is the process of developing an opinion of a property's value, or the value opinion itself, for a stated date and purpose.

Example

An appraiser analyzes a home's features and comparable sales to estimate its market value as of October 1.

Keep the distinction clear

An appraisal is an opinion supported by analysis, not a guaranteed sale price or a home inspection.

Related terms

Appraiser · Appraised Value · Market Value

Keep studying

CMA vs. Appraisal: What Is the Difference?

References: California DRE: appraisal and valuation concepts

Pronunciation (US): uh-PRAY-zuhl (capitals show stress)

Pronunciation reference: Merriam-Webster