Here's why:
* It names a thing: An appraisal is a formal evaluation or assessment of something's worth or quality.
* It can be the subject of a sentence: "The *appraisal* came in at a higher value than expected."
* It can be the object of a verb: "The realtor ordered an *appraisal* of the property."
Let me know if you have any other words you'd like to identify!