Definition - What does Appraisal mean?
An appraisal is a monetary figure that is provided by a professional appraiser to place a worth on a piece of property. Appraisals can be given for artwork, real estate, jewelry, etc. In the context of the law, appraisals can be used for taxation purposes, insurance claims, or other situations where valuations of property need to be made for legal proceedings, such as estate sales.
Justipedia explains Appraisal
Appraisals must be made by a professional appraiser in order to be legitimate. Professional appraisers must pass licensing requirements in order to be legally permitted to work as an appraiser. Appraisals made by professional appraisers are useful for the market because a seller may be biased and appraise a property higher than its true value, whereas a buyer may be biased and appraise a property lower than its true value. So, appraisers fill the need for an objective, third-party valuation.