An appraisal is an evaluation process used to determine the value of a property, asset, or item. This process is often conducted by a qualified professional known as an appraiser, who assesses various factors such as location, condition, and market trends. Appraisals are commonly used in real estate transactions, insurance claims, and tax assessments. The results of an appraisal are documented in a report, which provides an estimated value based on the appraiser's findings. This information is crucial for buyers, sellers, and lenders, as it helps ensure fair pricing and informed decision-making during transactions involving properties or assets.