There are three types of studies that are often done by appraisers. These studies are done independently or as part of an appraisal.
A market study is a study of market trends in an area. A market study usually relates to a certain type of property in a geographic area rather than to a specific site. USPAP defines a market study as "A study of market conditions for a specific type of property".
A marketability study is an analysis of the ability of a particular type of property to be absorbed (either sold or leased) under existing or projected market conditions. A marketability study is usually site and property type specific. USPAP does not define a marketability study.
A feasibility study is an analysis of the cost-benefit relationship of an economic endeavor. It is a comparison of the cost versus the value of a project. If a project costs more than it can be sold for or costs more than the value of the income stream that it provides, it is not feasible. If the value exceeds cost, it is feasible. A feasibility study is site and building type specific. USPAP defines a feasibility analysis as a "A study of the cost-benefit relationship of an economic endeavor".
An absorption analysis is a study usually done as part of a marketability or feasibility study. An absorption analysis estimates the number of units (residential or non-residential) that can be sold or leased over a given period of time. An absorption analysis is site and building type specific. USPAP does not define an absorption analysis.