Appraisal determines a property's market value based on location, condition, and comparable sales. It's commonly used in real estate transactions, financing, and insurance. 

A reserve fund is an account condominium corporations maintain for significant repairs and replacements of common elements. The Condo Act requires periodic reserve fund studies to ensure the fund has enough money to cover these costs. 

Real estate investment involves purchasing properties to generate income or profit through rental income, property appreciation, or both. It can include residential, commercial, or industrial properties and is often seen as a long-term investment strategy to build wealth.