An appraisal is the act or process of developing an opinion of value. Most commonly the written report of the opinion of value is referred to as an appraisal.

Appraisal reports (both written and oral) are developed by state licensed or certified appraisers using the appraisal process in compliance with the Uniform Standards of Professional Appraisal Practice.

The appraisal process is the method by which an appraiser arrives at an opinion of value. It consists of the following steps:

• Definition of the problem to be solved
• Preliminary survey to determine the scope work necessary to solve the problem
• Data collection and analysis
• Application of the recognized methods and techniques for determining value
• Reconciliation of value indications into a final estimate of value
• Delivering the appraisal report (either written or verbally)