ap·prais·al /ə-'prā-zəl/ n: a valuation of property by the estimate of an authorized person: as
a: the determination of the fair value of a corporation's stock by a judicial proceeding that a dissenting shareholder is usu. entitled by statute to demand in a case of extraordinary corporate action (as a merger) see also dissent 1 1
b: the estimation of the value of real estate for the purpose of taxation, sale, or securing a mortgage
c: the estimation of the value of damage done to property for the purpose of adjusting an insurance claim
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.