What is another term for the appraisal that Tony is performing?

A formal appraisal is a comprehensive evaluation of a property's value based on established methodologies and standards. This type of appraisal is conducted by a licensed appraiser and typically follows guidelines set forth by professional organizations and government regulations. A formal appraisal often includes a thorough inspection of the property, analysis of comparable sales, and consideration of various market factors.

In contrast, other terms like CMA (Comparative Market Analysis) or price opinion tend to be less formal and are typically used in different contexts. A CMA is often performed by real estate agents to help set a listing price and may not involve the same depth of analysis as a formal appraisal. An informal opinion is even less rigorous, lacking the detailed analysis and methodologies associated with formal appraisals. Therefore, the term that best aligns with Tony's detailed and regulated evaluation of the property is a formal appraisal.