Frequently Asked Questions
Since we’ve been in this business a while, we’ve encountered a wide range of questions and concerns from customers. We’ve gathered the ones we hear most often, along with our answers. Still have questions? Don’t hesitate to contact us.
How much does it cost for an appraisal?
For questions about fees or for a specific quote, please contact us at 703-615-4678.
When are appraisal reports required?
What are the essential elements of a credible appraisal?
A credible appraisal report clearly identifies the objects appraised; the scope of work performed by the appraiser; the client and other intended users; and the intended use of the report. The appraisal report must also include the definition of value (e.g., fair market or replacement value), the effective date, and the subject object’s relevant characteristics. The data and analysis required to support the opinion of value must be effectively communicated. There is no single standard appraisal report form, format, or style. Regardless of the type of appraisal report used, all reports must contain sufficient information to be credible and to enable the intended user to properly understand the conclusions.
Appraisal reports that are in compliance with USPAP will include:
- A detailed description of the item (including photographs);
- Methodology, analysis, and data used to provide a value conclusion and the rationale for value; and
- A signed certification that states the appraiser is not biased and does not have a present or prospective interest in the property.
An appraisal report is a document with a conclusion of value; it is not a pre-purchase inspection, a mechanical evaluation or a recommendation to buy or sell your vehicle.
How does the appraisal process work?
What is the Uniform Standards of Professional Appraisal Practice?
The Uniform Standards of Professional Appraisal Practice (USPAP) is the Congressionally authorized ethical and performance standards for the appraisal profession in the United States. USPAP was adopted by the US Congress in 1989, and contains standards for all types of appraisal services, including real estate, personal property, business, and mass appraisal. USPAP is updated every two years to provide appraisers with information they need to deliver unbiased and thoughtful opinions of value.
Does it really matter which appraiser I choose?
Yes, it does really matter. Given that the personal property appraisal field is largely unregulated, any so-called “appraiser” can provide a value opinion. In the field of automobiles, there are many individuals who have gained significant automotive knowledge through their experience as dealers, long-time owners, journalists, etc. However, they typically lack the benefit of formal training in the appraisal discipline, principles of value and USPAP. This can result in a less-than-satisfactory appraisal report which may cause potential problems for an uninformed client.
How do I know if my personal property appraiser is qualified?
The Appraisal Foundation’s Appraiser Qualifications Board (AQB) has developed minimum qualification criteria for personal property appraisers. This criteria includes minimums for education, experience, and continuing education. Users of appraisal services should ensure that appraisers they engage meet these minimum criteria. Designated members of one of The Appraisal Foundation’s Sponsors (such as the American Society of Appraisers) have not only obtained the field-specific education and experience outlined in the Criteria, but they also follow the ethical standards set forth in Uniform Standards of Professional Appraisal Practice.
Why do I need an appraisal report?
Appraisal reports may be required for estate planning, charitable contributions, estate or gift tax preparation liabilities, insurance or damage and loss claims, equitable distributions, fair rental and sale decisions, collateral loans, tax audits (foundations), and legal disputes.
Why should I use a professional appraiser?
Regardless of the type of property being appraised, a qualified appraiser has studied intensively and undergone testing related to the field of appraisal. Perry-Payne Appraisal complies with recognized appraisal standards, known as the Uniform Standards of Professional Appraisal Practice (USPAP), set by The Appraisal Foundation – the nation’s foremost authority on the valuation profession. At Perry-Payne Appraisal, we embrace continuing education courses to ensure awareness of changes in valuation methods and techniques, technology and the relevant marketplace. We’re lifelong learners – but we’re not learning at your expense.
Worth its weight in expertise
There is often a lot riding on a professional appraisal report. You may be required to produce one for estate planning, charitable contributions, estate or gift tax preparation liabilities, insurance or damage and loss claims, equitable distributions, fair rental and sale decisions, collateral loans, tax audits (foundations), and legal disputes. This is not the time to pinch pennies and settle for an amateur.