What is another term for the valuation process performed by an appraiser?

The term "formal appraisal" specifically refers to the standardized process undertaken by an appraiser to determine the value of a property. This process involves detailed analysis and the use of various methodologies, such as the sales comparison approach, cost approach, and income approach. A formal appraisal is conducted in accordance with established professional standards and regulations, ensuring accuracy and credibility in the valuation.

While the other options represent different aspects or informal methods of determining property values, they do not encompass the comprehensive and official nature of a formal appraisal. For example, a CMA (Comparative Market Analysis) is typically generated by real estate agents to estimate value based on recent sales of similar properties, and while useful, it lacks the rigor and formal certification of a professional appraisal. Similarly, an analytical exercise could refer to any evaluative process but does not specifically indicate an appraisal's formalities. A price opinion is often less structured and may not involve the same level of detailed analysis or adherence to industry standards, making it distinct from a formal appraisal process.