Which of the following best defines the term "real estate appraisal"?

The term "real estate appraisal" is accurately defined as an evaluation of a property’s worth. This process involves a systematic approach to assessing the value of a property based on various factors, including its characteristics, location, condition, and recent comparable sales in the area. The primary goal of an appraisal is to provide an unbiased estimate of how much a property should sell for or how much it is worth in the current market.

It is important to differentiate this from other concepts. While looking at zoning regulations is a key aspect of real estate, it does not pertain to determining the value of a property. Similarly, estimating property taxes may be related to property value but does not encompass the entirety of what an appraisal entails. Understanding real estate market trends may inform an appraisal, but it is not the definition itself; rather, it is one of the many factors that can influence a property's valuation during the appraisal process.