An appraisal is a professional, unbiased estimate of a property's market value. It is conducted by a licensed or certified appraiser to determine what a property is worth based on factors like location, condition, and comparable sales.

Appraisals are typically required by lenders to ensure that they are not lending more money than the property is worth. They're also useful for setting listing prices, tax purposes, divorce settlements, and estate planning.

The on-site property inspection usually takes 30 minutes to a few hours, depending on the size and complexity of the property. The complete appraisal report can take a few days to a week, depending on the workload and type of property.

If you're getting a loan, the lender typically selects the appraiser. However, for personal appraisals (like pre-listing or divorce), you can choose a licensed appraiser yourself.

Appraisers consider several factors, including:

• Location

• Size and layout

• Age and condition of the property

• Comparable recent sales in the area

• Market trends and economic factors

No, a CMA is prepared by a real estate agent and is an estimate based on comparable sales, but it is less comprehensive than a professional appraisal, which is conducted by a licensed appraiser.