Appraisal is the act of estimating the monetary value of real, personal, or intangible property, usually performed as a service by someone recognized as an expert or certified by an organization or government agency.

Common appraisal fields are: aircraft, antiques, construction equipment, jewellery, and real estate.

In the field of real estate transactions, appraisal is the act of presenting an opinion of the value of a property. There are two main types of appraisal:

• Fee Appraisal - Appraisal of an individual property by a contracted appraiser who is usually paid a fee. For example, this will be done prior to a loan being issued by a bank, to verify that there is sufficient collateral should the borrower default.
• Mass appraisal - Appraisal of many properties using a more statistical approach. Usually done by government agencies responsible for setting values for property tax calculations.

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