An appraisal is an evaluation process used to determine the value of an asset, property, or item. This process is commonly applied in real estate, where a professional, known as an appraiser, assesses a property's worth based on various factors such as location, condition, and market trends. The resulting appraisal report provides an objective estimate that can be used for buying, selling, or financing purposes. In addition to real estate, appraisals can also apply to personal property, such as artwork, jewelry, or collectibles. These appraisals help owners understand the market value of their items, which can be important for insurance, resale, or estate planning. Overall, appraisals serve as a critical tool in making informed financial decisions.