An appraisal is best described as an ____________ of value.

An appraisal is best described as an estimate of value. In the context of real estate, personal property, or any asset evaluation, an appraisal involves a comprehensive assessment of various factors such as market conditions, property specifics, and comparable sales. The purpose of an appraisal is to provide a measured estimate that reflects the current worth of a property based on a combination of techniques and methodologies employed by a qualified appraiser.

While other terms like assessment, analysis, and evaluation also relate to determining value, they don't capture the essence of what an appraisal specifically entails. An assessment often refers to the determination of tax value or property tax assessments rather than the current market value. An analysis may involve a detailed study or examination of data, which may not directly correlate to a specific value estimation. Evaluation, although similar, can imply a broader review process and may not necessarily focus solely on market value estimation, extending to qualitative judgments as well.

In summary, the term 'estimate' precisely aligns with the definition of appraisal, encapsulating the idea of providing a numerical value that best represents an asset's worth at a given point in time.