An appraisal is a written description and estimate of the value of a property. An appraisal will be required to determine the value of the property you are purchasing or refinancing. A licensed appraiser will be assigned to your property to complete the appraisal. They will create a written report for us and also give you a copy at your loan closing.National standards govern the format for the appraisal and specify the appraiser's credentials and qualifications. Additionally, most states have licensing requirements for appraisers who evaluate properties located within their states.