A property appraisal is a professional assessment of the value of a real estate property, conducted by a licensed or certified appraiser. The appraiser examines various factors, such as the property's location, size, condition, and comparable sales in the area, to determine the property's fair market value. The purpose of a property appraisal may vary, but it is commonly used in real estate transactions, property tax assessments, insurance purposes, and legal disputes. The final appraisal report contains an estimated value of the property and a detailed analysis of the factors considered in the appraisal.
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