Which of the following best describes an appraisal?

An appraisal is best described as a detailed analysis that encompasses various critical components of property evaluation. It involves examining market conditions, which help to contextualize the property within the broader economic environment. Additionally, the appraisal includes a thorough examination of the property itself—taking into account its physical characteristics and overall condition.

Comparables, or ‘comps’, are also essential; they refer to recent sales of similar properties, providing a benchmark for determining the subject property's market value. Furthermore, the value of the land separate from any structures and construction costs are factored into this analysis to present a comprehensive view of the property’s worth.

The other choices do not capture this multifaceted and analytical approach. For instance, a summary of property features does not delve into the necessary depth of analysis required for an accurate appraisal. Similarly, an inspection report for insurance purposes focuses on the condition of the property from a different perspective and not specifically on value. Lastly, while a market comparison of similar properties is a part of the appraisal process, it is not as comprehensive as the full analysis that characterizes a complete appraisal. This comprehensive approach to understanding market dynamics and property specifics is why option B is the most accurate description of an appraisal.