While it is often sufficient to rely on informal methods of estimating the market value of real estate assets, the complexity and large dollar value of many real estate decisions dictate that formal estimates based on methodical collection and analysis of relevant market data should be utilized. the unbiased written estimate of the market value of a property is commonly referred to as a(n) arm's-length transaction. appraisal. reconciliation. property adjustment.

appraisal

Explanation: In simple words, appraisal refers to the process in which the real estate experts conduct a thorough research and develop a value or opinion for that real state property in a written statement. This process is also named as property evaluation or land valuation.

Real estate properties require appraisals as unlike corporate stocks and securities, every real estate asset is unique in their own way and the transaction in such an industry is very infrequent.

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