What does the term "appraisal" refer to in real estate?

The term "appraisal" in real estate specifically refers to an unbiased estimate of the value of a property. This process is typically conducted by a licensed appraiser who assesses various factors such as the property's condition, location, comparable sales in the area, and market trends. The appraisal provides an objective analysis, which is essential for both buyers and sellers to understand the fair market value of the property in question.

While the other options involve different aspects of real estate, they do not accurately define appraisal. A comparative analysis of the neighborhood may form part of the appraisal process, but it is not the entirety of what an appraisal entails. Negotiating property prices and calculating mortgage affordability are separate activities that may utilize appraisal outcomes but are not definitions of appraisal itself.