appraisal

Definition

A professional opinion, usually written, of the market value of a property, such as a home, business, or other asset whose market price is not easily determined. Usually required when a property is sold, taxed, insured, or financed.

Use appraisal in a sentence

Joey found an antique coin down by the river, so we took it to the antique shop for an appraisal.

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The appraisal came back and it was higher than expected by only two thousand dollars so we accepted it and proceeded.

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I need to get an appraisal of the value of our home in order to know how to price it on the market for the up coming open house.

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