1. The process of estimating, fixing, or setting the market value of real property. An appraisal may take the form of a lengthy report including detailed methods, a short completed form, a simple letter, or even an oral report.
2. An estimate, opinion, or judgment about the value, quality, or quantity of something.
Terms, Definitions, and Concepts: Appraisal, Auction, Finance and Investment, Legal (Law), Management, Real Estate, Taxes and Taxation