What is the definition of appraisal?

The definition of appraisal is framed as an estimate or opinion of value, which encapsulates the essence of what an appraisal is. In the context of real estate and property evaluation, an appraisal is a systematic process where a qualified individual assesses the value of a property based on various factors including location, condition, market conditions, and comparable sales data. This opinion of value serves purposes such as aiding in property transactions, securing financing, or ensuring proper taxation.

The other choices highlight aspects related to appraisals but do not capture its full definition. A physical inspection of a property is often a part of the appraisal process, but it does not define what an appraisal is on its own. Similarly, a legal document pertaining to property covers a different aspect of real estate, often related to ownership or transaction history rather than value assessment. Lastly, while market trends can influence an appraisal, the definition of appraisal itself encompasses a broader evaluative analysis rather than relying solely on trends. Thus, the correct answer emphasizes the core objective of appraisals in determining value.