What is a significant feature of a real estate appraisal?

A significant feature of a real estate appraisal is that it provides an estimate of a property's current market value. An appraisal is a professional assessment conducted by a licensed appraiser, who evaluates various factors that contribute to the value of a property, such as location, condition, comparable properties, and current market conditions. The primary purpose of this valuation is to determine what the property is likely to sell for in the current market, which is critical for buyers, sellers, and lenders in making informed decisions.

The other options, while related to real estate, do not accurately reflect the primary purpose of an appraisal. For instance, an appraisal does not guarantee that a property will sell for the assessed value; market dynamics can fluctuate. Additionally, while a property history can be important, it is not a standard feature of an appraisal report. Similarly, appraisals focus on the present value rather than assessing future market trends, which are typically subject to various unpredictable factors. Thus, appraisals are fundamentally about determining current market value, making that option the correct choice.