Here is a comprehensive summary of the article on real estate appraisal:

Real estate appraisal is the process of determining a property's market value, which serves as a crucial foundation for mortgage loans, tax assessments, estate settlements, and divorce proceedings. The typical process involves a lender ordering an appraisal, followed by an appraiser's on-site visit that lasts a few hours, with the final report being delivered within a couple of business days—making the entire procedure take roughly 5 to 15 days. Appraisers recognize multiple types of value, including market value (defined by the International Valuation Standards as the exchange price between a willing buyer and seller), value-in-use, investment value, ad valorem tax value, and liquidation value for bankruptcies. Crucially, the price paid for a property may not equal its market value, as special relationships, duress, or bulk transactions can skew the transaction. The field is formalized by standards such as the IVS, which help distinguish between open market value and the more specific financial concepts used for tax, insurance, or investment purposes.