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To appraise is to determine the value of an object or piece of property. This is done by an expert called an appraiser, the result of this action called an appraisal. This is necessary in a variety of contexts, such as the purchase, sale or refinancing of real estate or to insure a piece of property or make an insurance claim after that property is lost or damaged.

[Last updated in June of 2021 by the Wex Definitions Team