Is that a true real estate appraisal?

Real estate appraisal is the process of determining the value of a property based on its highest and best use. It is performed using various methods and the property is valued differently for different purposes. However, the value assigned as a result of real estate appraisal may differ from the value considered by a real estate investor when evaluating the property for investment. 

A good real estate investor would evaluate the property in light of regional developments and purchase it at a low price and sell it at a higher price. A real estate investor may conduct their own real estate appraisal to determine the property's expected value, which can be different from the value that a real estate appraiser would come out with. This can change the definition of real estate appraisal.

Real estate appraisal, also known as property valuation, is the process of determining the value of a property based on its highest and best use (which basically translates into determining the fair market value of the property). The real estate appraiser or property valuation surveyor is the person who performs this real estate appraisal exercise. The fair market value is determined by real estate appraisal. 

The real estate appraisal is performed using various methods, and the property is valued differently for different purposes. For example, the real estate appraisal may assign two different values to the same property (improved value and vacant value), and the same/similar property may be assigned two different values in a residential zone and a commercial zone. However, the value assigned as a result of real estate appraisal may differ from the value considered by a real estate investor when evaluating the property for investment. In fact, a real estate investor may completely disregard the value derived from the appraisal process.

A good real estate investor would evaluate the property in light of the regional developments. So a real estate appraisal performed by a real estate investor would determine the value of the property that the real estate investor can obtain by purchasing it at a low price and selling it at a much higher price (as in the present). 

Similarly, a real estate investor could conduct his own real estate appraisal to determine the property's expected value in two or five years. Again, a real estate investor may conduct his or her real estate appraisal based on how much value he or she can create by investing some money in the property; for example, a real estate investor may decide to buy a dirty/scary type of property (which no one likes) and have some minor repairs, painting, and so on done to increase the value of the property (the value that the real estate investor would get by selling it in the market). As a result, the definition of real estate appraisal changes completely (and can be very different from the value that real estate appraiser would come out with if the real estate appraiser conducted a real estate appraisal exercise on the property).

A real estate investor will usually base his investment decision on his own real estate appraisal (or gets done through someone). So, can we call real estate appraisal a true'real estate appraisal'?