What is a certified opinion or estimate of a property's value as of a specific date called?

An appraisal is a certified opinion or estimate of a property's value as of a specific date, typically performed by a licensed appraiser. This process involves a thorough analysis of the property considering various factors including location, condition, and comparable properties, in order to determine its fair market value. The appraiser provides an objective estimate backed by their expertise and knowledge of the real estate market.

Valuation reports, market analyses, and comparative reports may provide insight into property value, but they do not carry the same weight or certification as an appraisal. Valuation reports may be less formal and sometimes used internally rather than for official transactions, while market analyses typically focus on broader market trends rather than the specific valuation of one property. Comparative reports often look at how a property compares to similar properties but may not provide an official or legal estimate of value. Thus, an appraisal specifically serves as that certified estimate of value as per the required guidelines and standards in real estate.