An appraisal is a valuation of property, such as real estate, a business, collectible, or an antique, by the estimate of an authorized person. The authorized appraiser must have a designation from a regulatory body governing the jurisdiction of the appraiser. Appraisals are typically used for insurance and taxation purposes or to determine a possible selling price for an item or property.

• An appraisal is an assessment of the fair market value of a property, business, antique, or even a collectible.
• Appraisals are used to estimate the value of items that are infrequently traded and are unique.
• The authorized appraiser must have a designation from a regulatory body governing the jurisdiction of the appraiser.
• Appraisals can be done for many reasons such as tax purposes when valuing charitable donations.
• Home appraisals can positively or negatively impact the sale of a house or property.

Appraisals help banks and other lenders avoid losses on a loan.