What does an appraisal provide concerning real estate?

An appraisal is a professional assessment that aims to determine the market value of a property. This valuation is crucial for various purposes, such as setting a sale price, refinancing, or obtaining a mortgage. The appraiser evaluates factors such as the property’s condition, location, size, and comparable sales in the area to arrive at this estimate. By providing an objective measure of value, an appraisal serves as a fundamental component of real estate transactions, ensuring that buyers, sellers, and lenders have a clear understanding of the property's worth.

The other options do not accurately represent the primary function of an appraisal. A record of property ownership pertains more to title searches and deeds, which document who holds legal title to a property. A legal opinion on property title is typically provided by legal professionals or title companies, assessing the validity of the ownership and identifying any liens or encumbrances. A detailed inspection report involves assessing the physical condition of a property, highlighting repair needs or safety issues, but it does not directly pertain to the market value determination that an appraisal provides.