What is an appraisal?

Illinois describes an appraisal as the act or process of developing an opinion of value; an opinion of value (adjective) of or pertaining to appraising and related functions, such as appraisal practice or appraisal servicesUnder Illinois law (225 ILCS 458/5-5) only a licensed appraiser, assessment officer, or other officially authorized person can provide such services.