Step 1 - The Inspection The appraiser carefully examines "On-Site" all of the property to be included in the Appraisal Report. The characteristics of each item including its' size, shape, and condition are noted. Photographs of each item are taken and keyed to the report.
Step 2 - The Research The appraiser searches the market place most appropriate for the items being appraised and value conclusions are determined based upon comparative sales analysis. Research time is that taken to identify marks and labels, verify dates, locate comparable items, investigate retail markets, and consult other experts, if necessary.
Step 3 - The Report All appraisals consist of at least two bound copies of the completed report - one copy for the client and one for the appraiser's files. For insurance appraisals a concise listing of the property along with values is also provided so that it may be given to the client's insurance agent or prospective insurer.
Included in the Professional Appraisal Report is:
A cover document explaining in detail the type of value being sought ("purpose" of the appraisal) and how the appraisal is to be used "function" or "assigned use").
A statement of the methodology and resources relied upon to determine the value conclusions, including market analysis and market(s) selected.
A complete and accurate description of the property written in such a manner that it can be identified without photographs.
The date(s) and location of inspection, and the effective date of value.
A value summary of the property including an itemized list of all of the items being appraised.
A statement by the appraiser that he has no financial interest in the property or that such interest is disclosed in the report.
The appraiser's qualifications and signature on the written report.
Step 4 - Photographs To document the item's existence and to aid in the research.
International Society of Appraisers Training Makes an Important Difference to You!
The ISA trains appraisers with the most comprehensive personal property appraisal educational program in the United States. The foundation of the ISA's Appraiser Education Program is its courses in Appraisal Principles and Procedures. This program includes courses through the University of Maryland University College (and starting in the Fall of 2006 through the University of Washington in Seattle)covering Appraisal Principles and Business Practice; Appraisal Ethics, ISA Report Writing Standards, Uniform Standards of Professional Appraisal Practice (USPAP), Identification and Authentication, Market and Value Research and Analysis, and Legal Issues; Appraisal Report Writing; and Specialty Courses.
DO NOT ACCEPT AN APPRAISAL IF:
It is handwritten or unsigned,
The fee is based on a contingency or upon the value of the property,
The appropriate "purpose" and "assigned use" are not stated,
The item is beyond the appraiser's expertise, or
The appraiser is not willing and able to defend it in court (subject to the appraiser's availability, and separate fee arrangement).
"Assiniboin Indians" by Karl Bodmer from Travels in the Interior of North America: 1832-1834 by Prince Maxmillan of Wied (1782-1867)
