  The role of particle size distribution inherently present in magnetic
nanoparticles (NPs) is examined in considerable detail in relation to the
measured magnetic properties of oleic acid-coated maghemite
({\gamma}-Fe$_2$O$_3$) NPs. Transmission electron microscopy (TEM) of the
sol-gel synthesized $\gamma$-$Fe$$_2$$O$$_3$ NPs showed a log-normal
distribution of sizes with average diameter $<D>$= 7.04 nm and standard
deviation $\sigma$= 0.78 nm. Magnetization, $M$, vs. temperature (2 K to 350 K)
of the NPs was measured in an applied magnetic field $H$ up to 90 kOe along
with the temperature dependence of the ac susceptibilities, $\chi$$'$ and
$\chi$$"$, at various frequencies, $f$$_m$, from 10 Hz to 10 kHz. From the
shift of the blocking temperature from $T$$_B$ =35 K at 10 Hz to $T$$_B$ = 48 K
at 10 kHz, the absence of any significant interparticle interaction is inferred
and the relaxation frequency $f$$_o$= 2.6 x 10$^{10}$ Hz and anisotropy
constant $K$$_a$= 5.48 x 10$^5$ ergs/cm$^3$ are determined. For $T$ < $T$$_B$,
the coercivity $H$$_C$ is practically negligible. For $T$ > $T$$_B$, the data
of $M$ vs. $H$ up to 90 kOe at several temperatures are analyzed two different
ways: (i) in terms of the modified Langevin function yielding an average
magnetic moment per particle $\mu$$_p$=7300 (500) $\mu$$_B$; and (ii) in terms
of log-normal distribution of moments yielding $<$$\mu$$>$= 6670 $\mu$$_B$ at
150 K decreasing to $<$$\mu$$>$= 6100 $\mu$$_B$ at 300 K with standard
deviations $\sigma$ $\approx$ $<$$\mu$$>$$/2$. The above two approaches yield
consistent and physically meaningful results as long as the width parameter,
$s$, of the log-normal distribution is less than 0.83.
