Final answer:
Appraisal is the process used to estimate the value of a property by analyzing and comparing it to similar properties in the area to determine its monetary value.
Step-by-step explanation:
The process for estimating the value of a property by analyzing its qualities and comparing it with similar properties in the area is known as an appraisal. An appraisal involves a systematic evaluation that includes examining factors such as location, condition, and amenities, and then assigning a monetary value based on comparable properties that have recently sold. This method is frequently employed by real estate professionals and financial institutions to determine property values for sales, refinancing, or mortgage lending purposes.