What is an appraisal?

An appraisal is defined as an expert estimate of a property's value. This process typically involves a licensed appraiser assessing various factors, including the property's condition, location, market trends, and comparable sales in the area. The primary purpose of an appraisal is to provide an impartial valuation that is recognized in financial contexts, such as when securing a mortgage or determining property tax assessments.

The other options, while related to property management or real estate, do not capture the essence of what an appraisal entails. A summary of sales in the neighborhood may provide valuable context but does not constitute a formal valuation. A governmental review of property deeds pertains to documentation and ownership verification, rather than assessing value. Lastly, a property’s tax bill estimation is focused on tax implications rather than an objective assessment of worth. Thus, the selection of the expert estimate of a property's value aligns with the fundamental purpose of an appraisal.