What is generally included in the definition of appraisal?

The definition of appraisal encompasses several key components that are essential to understanding its purpose and scope. An appraisal is fundamentally an opinion of value, which provides the appraiser's professional assessment of what a property is worth in the current market. This opinion is typically anchored to a specific date, ensuring that the valuation is relevant to the conditions and circumstances present at that time. Furthermore, a critical aspect of appraisal is that it must be an unbiased assessment; this impartiality is necessary to maintain credibility and objectivity in the valuation process.

By integrating these elements—opinion of value, specific date, and unbiased assessment—appraisals serve as reliable guides for buyers, sellers, lenders, and other parties involved in real estate transactions. This comprehensive understanding of what constitutes an appraisal justifies why the answer encapsulating all these aspects, rather than selecting any single element, is correct. Each component contributes to the overall integrity and validity of the appraisal as a professional evaluation of property worth.