An appraisal is a professionally developed opinion of value supported by analysis. It is not simply the seller's asking price or an unsupported guess. Follow the work: gather property facts, analyze relevant market evidence, and develop a supported value opinion. The assignment and property determine the appropriate analysis. A comparative market analysis from a real estate licensee can also discuss pricing, but it is not automatically an appraisal. The products have different purposes and requirements. A C M A is not a substitute where an appraisal is required. Quick check: does discussing value make every market analysis an appraisal? No. Identify the product, its purpose, and the applicable requirements.