Which of the following is a primary purpose of a real estate appraisal?

The primary purpose of a real estate appraisal is to assess the property's market value. This involves a systematic evaluation of various factors that contribute to the property's worth, including location, condition, comparable sales, and current market trends. The appraisal provides a professional opinion of value, which is essential for buyers, sellers, lenders, and investors, ensuring that transactions are based on accurate and fair assessments.

Evaluating the market value helps all parties involved make informed decisions in real estate transactions. It stands apart from enhancing the property's value, which typically involves improvements or marketing strategies, and promoting a sale, which is more about marketing efforts rather than establishing value. Additionally, determining rental income potential is more specific to investment properties and does not encompass the broader market valuation that appraisals provide across all property types. Thus, assessing the market value holds fundamental importance in the appraisal process.