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.
The intended use of the report. The purpose of the assignment. The type of value reported and the definition of the value reported. The effective date of the appraiser's opinions and conclusions. Division of interest, such as fractional interest, physical segment and partial holding.