An
appraisal (as a noun) is the act of estimating or
developing an opinion of value.
An appraisal (as an adjective) is relating to appraisal functions
such as appraisal practice or appraisal services.
Real
estate appraisals are appraisals of real estate, which is generally a
parcel of land and those things permanetly affixed to the land.
Real property is generally considered the interests, rights and
benefits of and in a parcel of land.
Most
appraisals are to estimate market value for lending purposes.
Such appraisals are generally controlled by the requirements of
USPAP (Uniform Standards of Professional Appraisal Practice) and the
licensing authority of the state.
The
2005 USPAP can be viewed on line here: 2005
USPAP