The Emporium

Why Do I Need An Appraiser?

Insurance
To protect your art, antiques, and household
contents. An appraisal will provide proof of
ownership, identification, and value in the
event of loss.

Divorce And Equitable Distribution
In instances when property is divided or
distributed, a credible and impartial appraisal
will provide an objective value.

Estate Valuation
Both Federal and State Tax Regulations
require that property be valued by a qualified
appraiser to establish the basis for
determining taxes.

Charitable Donations
The Internal Revenue Service requires that a
donor obtain a qualified appraiser for any
donation worth more than $5,000.

Damage Claims
Damaged goods are inspected on behalf of
insurance adjustors. The cause of damage is
evaluated, and a written report with relevant
observations and settlement suggestions is
prepared so that repair estimates and
services can be arranged.

Other Appraisals
An appraisal may be required for estate
planning, trust management, loan collateral,
damage claims, orderly liquidation, sales or
purchase advisory, bankruptcy, appraisal
review or consultation, expert witness
testimony, and litigation support.

What questions should I ask
when hiring an appraiser?

1. What qualifies you to appraise?
Formal education conforming to exacting appraisal
standards, which consist of appraisal theory,
principals, procedures, ethics, and the law, are
essential. Reports must conform to the standards of
the appraisal profession.The Appraisal Foundation, in
Washington D.C., has established the Uniform
Standards of Professional Appraisal Practice
(USPAP).

2. Are All Appraisers Licensed?
No! There is no legal certification or licensing
required for personal property appraisers. Only
membership in professional organizations ensures
that its members are qualified to provide appraisals
that reflect the utmost in accuracy, competency, and
integrity. Appraiser National Association (ANA)
complies with these rigorous training programs
through core courses, testing, and continuing
education programs.

3. Do You Belong To An Appraisal
Organization?
Membership is important because it shows that the
appraiser is answerable to someone and must
adhere to a code of ethics and conduct. The ANA
provides quality educational opportunities, and has
rigid requirements for advancement and continued
membership. The ANA is a federally recognized
leader in appraisal education.

4. What About Experience?
It is important to have experience as well as
expertise. Federal laws require that qualified
appraisers perform appraisals meeting strict criteria.
It is essential that only knowledgeable and qualified
appraisers be used for all Federal related or litigated
appraisal purposes.

5. Do You Use Consulting Specialists?
No appraiser can know the value of everything, even
in their own specialty, without research and/or
consultation with others.

6. What Should I Expect For My Money?
You should receive the services of an educated
appraisal expert who will provide you with formally
written and descriptive report documents. An
appraiser should be willing to defend their appraisal
in a court of law.

7. Should My Appraisal Be Written?
Written appraisals should conform to the Uniform
Standards of Professional Appraisal Practice and
meet the requirements of the IRS, and/or the local
courts. A good report should answer your question
and consider all factors regarding the item and its
researched value in the relevant marketplace, with a
correct definition of value that is related to your
intended use of the appraisal. You should feel
satisfied and confident of the conclusions.

8. Can My Appraisal Be Verbal?
If you are willing to accept some risk of error in order
to get a verbal value approximation that is informed,
unbiased, and objective, a signed disclosure
agreement is required. Without research, such
opinions are subject to error and rely only on the
product knowledge, market experience, and
expertise of the appraiser. While the verbal appraisal
is generally less expensive, it is also less reliable.

9. What Is Your Fee?
It is not ethical to charge a fee based on a
percentage, contingency, or outcome. The fee
should be hourly or contracted. All fees should be
discussed in advance of any work performed. Please
read all contracts and agreements before you sign
them.