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  2. Appraisals are typically used for insurance and taxation purposes or to determine a possible selling price for an item or property. An appraisal is a valuation of property, such as real estate, a business, collectible, or an antique, by the estimate of an authorized person.

    www.investopedia.com/terms/a/appraisal.asp
    Appraisal The act of estimating the value of a property by a person licensed to do so. A person performing an appraisal must receive authorization from the appropriate body of the state in which he/she resides. An appraisal may take into account the quality of the property, values of surrounding properties, and market conditions in the area.
    financial-dictionary.thefreedictionary.com/appraisal
    An appraisal aims to determine a property's value that reflects its condition, age, location, and other relevant characteristics. This action helps discourage banks from loaning more money to borrowers than the properties are worth.
    www.investopedia.com/terms/a/appraisal-approach…
     
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