What is an appraisal?
An appraisal is an unbiased estimate or opinion of value, performed by a person who possesses the necessary qualifications, ability, and experience to execute the valuation of real property.

Who needs an appraisal?
Attorneys, mortgage companies, estate planners, realtors, accountants, homeowners, and homebuyers are just a few of the possible users of an appraisal.

The appraisal process:
The appraisal process is a systematic analysis of the factors which have affect on the value or utility of real estate. It is an orderly process which defines the problem and the work necessary to solve the problem. The necessary data is acquired, classified, analyzed, and interpreted into a final opinion of value.

What is an appraisal?

The Uniform Standard of Professional Appraisal Practice (USPAP), published by the Appraisal Foundation in 2003, defines an appraisal as “the act or process of developing an opinion of value; an opinion of value.”

Real estate appraisal is the practice of developing an opinion of the value of real property, usually its Market Value. The need for appraisals arises from the heterogenous nature of property as an investment class: no two properties are identical, and all properties differ from each other in their location - which is the most important determinant of their value. (location, location, location…) 
A real estate appraisal is performed by a licensed or certified appraiser. If the appraiser's opinion is based on Market Value, then it must also be based on the Highest and Best Use of the real property. For mortgage valuations of improved residential property in the US, the appraisal is most often reported on a standardized form, such as the Uniform Residential Appraisal Report (URAR).  Appraisals of more complex property (e.g. -- income producing, raw land) are usually reported in a narrative appraisal report.