An appraisal is a thought process leading to a value conclusion. The fundamental role of an appraiser is to provide a professional opinion, usually an estimate of market value, to be used in making real estate decisions.
Appraisers develop appraisal reports that are the conveyance to another of an appraisal.
There are many reasons to obtain an appraisal with he most common reason being real estate and mortgage transactions. To lower your tax burden. To establish the replacement cost of insurance. To contest high property taxes. To settle an estate.