An appraisal is an estimate of the value of real property determined by someone who is qualified. It is an opinion or an evaluation of a property’s value.How is this qualification determined? There are basically two different trade organizations in Canada: The Appraisal Institute of Canada and the Canadian National Association of Real Estate Appraisers. Both organizations uphold rigorous standards that their members must adhere to. Designations are based on continuing education requirements, ethical standards, and grievance and enforcement procedures.