Final answer:
An appraisal is the value of a property based on facts gathered by an appraiser about its location, improvements, and surroundings.
Step-by-step explanation:
The value of a property at a given time based on facts gathered by an appraiser about its location, improvements, and surroundings is called an appraisal. An appraisal is an estimation of the value of a property, performed by a qualified appraiser who considers various factors such as the property's size, condition, location, and comparable sales in the area. This information is used to determine the fair market value of the property.