The Qualified Appraisal and Qualified Appraiser, Explained
- A qualified appraiser follows a set of national standards developed by the Appraisal Standards Board (ASB) of The Appraisal Foundation
- A qualified appraiser adheres to a professional code of ethics developed and maintained by their professional appraiser organization
- A qualified, USPAP compliant, appraisal will be admissible in a court of law and meet federal requirements and
- A qualified appraisal includes a cover document explaining the type of value being sought and how the appraisal will be used
- A qualified appraisal should have descriptions written in such detail, one can obtain a clear image of the item in their mind's eye
- A qualified appraisal should contain a current USPAP certification statement
- A qualified appraiser will not have a conflict of interest - meaning the appraiser does not have an interest or role in profiting from the auction, purchase, or sale of the appraised items
- A qualified appraiser will not associate their fee with the value of the appraised property
- IRS Treasury Regulations require that one must obtain a "qualified appraisal", signed and dated by a "qualified appraiser" when determining the value of donated property above certain thresholds
Verbal Appraisal | A Better Fit?
If you simply need general value and history information for your property, a verbal approximation of value may be the best fit. A verbal appraisal will deliver the information you want to know about your personal property; it is created with the same research process and categories of information in a written report, just delivered in a different format.
Important: Verbal appraisals are not a replacement for the requirements associated with insurance or estate appraisals. Similar to Antiques Roadshow, a verbal approximation is provided; notetaking encouraged.
- What is it worth? What do I have here? A verbal approximation of value is a sound choice when you are simply curious about the value of an item
- When one is planning to resell property and needs to confirm value first
- A must when downsizing or working with a Senior Move Manager
- A must before an auction or estate sale company arrives to prepare items before a sale; auctioneers profit by selling a large quantity of items. Rarely do you find one with expertise in in individual item prices