The Collaborative International Dictionary of English v.0.48:

Appraise \Ap*praise"\, v. t. [imp. & p. p. Appraised; p. pr. &
   vb. n. Appraising.] [Pref. ad- + praise. See Praise,
   Price, Apprize, Appreciate.]
   1. To set a value; to estimate the worth of, particularly by
      persons appointed for the purpose; as, to appraise goods
      and chattels.
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   2. To estimate; to conjecture.
      [1913 Webster]

            Enoch . . . appraised his weight.     --Tennyson.
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   3. To praise; to commend. [Obs.] --R. Browning.
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            Appraised the Lycian custom.          --Tennyson.
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   Note: In the United States, this word is often pronounced,
         and sometimes written, apprize.
         [1913 Webster]

WordNet (r) 3.0 (2006):

appraising
    adj 1: exercising or involving careful evaluations; "looked him
           over with an appraising eye"; "the literary judge uses
           many evaluative terms" [syn: appraising(a),
           evaluative]