What is an appraisal?

An appraisal is

“an unbiased, supportable opinion (conclusion) of a defined value by a person trained in research and analysis, who is knowledgeable regarding the property and its class and who acts in accordance with accepted and professed standards of practice.”

(Monograph 1. Professional Appraisal Practice, Personal Property Committee of the American Society of Appraisers, 2010)

USPAP defines appraisal

(noun) the act or process of developing an opinion of value; an opinion of value.
(adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services.

(Uniform Standards of Professional Appraisal Standards, The Appraisal Foundation, Version 2014-2015)