An appraisal could best be defined as:

An appraisal is best defined as an estimate of market value because it involves a systematic process where a qualified professional evaluates a property. This process includes analyzing various factors, such as the property's condition, location, and recent comparable sales in the area. By applying standardized methods and techniques, the appraiser arrives at an estimated value that reflects what the property is likely to sell for in the current market.

The focus on market value emphasizes that the appraisal seeks to establish a realistic price point based on recent transactions and current market conditions. The appraisal provides an unbiased assessment intended for parties involved in a property transaction, including buyers, sellers, and lenders, making it a critical component of the real estate process.

In contrast, terms like "determination of value" and "educated guess of market price" do not accurately capture the formal and data-driven nature of an appraisal. Similarly, indicating what a ready, willing, and able buyer will pay does not consider the comprehensive evaluation undertaken during the appraisal process, as it is more about potential buyer behavior than the analytical assessment conducted by an appraiser.