What is an Appraisal?

As defined by the Appraisal Institute of Canada – Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP)

An appraisal is a formal opinion of value, either written or oral, prepared as a result of a retainer, intended for reliance by identified parties, and for which the Member assumes responsibility. APPRAISAL is also defined as the act or process of developing an opinion of value.