Real Estate Principles Practice Exam 2025 - Free Real Estate Practice Questions and Study Guide

The term that accurately describes a property valuation conducted by a professional is "appraisal." An appraisal is a formal process carried out by a licensed appraiser, who assesses the value of a property based on various factors such as its condition, location, and recent sales of similar properties. The purpose of an appraisal is to provide an unbiased estimate of market value, which is often needed when buying, selling, or refinancing a property.

In contrast, assessment typically refers to the value placed on a property by local government entities for tax purposes and may not involve a thorough analysis of market conditions like an appraisal. An inspection primarily involves checking the property for issues or defects, rather than determining its monetary value. Evaluation can be a more general term that may refer to any assessment of worth but lacks the formal procedures and standards associated with an appraisal. Thus, "appraisal" precisely captures the professional valuation aspect highlighted in the question.