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What is an appraisal?

What is an appraisal?

An appraisal is the act or process of developing an opinion of value or cost. It is the written  report documenting this process.  The purpose of an appraisal is the objective. Example of a purpose would be to determine fair market value or estimate replacement cost.  The function or intended use of an appraisal  is the reason for which the appraisal is conducted, as determined by the appraiser and client. Value of an item may vary with the purpose and function of an appraisal. Is the appraisal for insurance, donation, estate, resale, equitable distribution? American Society of Appraisers (since 1983) as Senior Appraiser (ASA), as well as theInternational Society of Appraisers (since 1995) as an Accredited Member (ISA). In 2007, after undertaking long-term and intensive studies in appraisal principles, and passing examinations on the theory and practice of professional appraising and ethical standards, Elisabeth attained the highest level of recognition ISA can bestow: CAPP – Certified Appraiser of Personal Property. Both organizations require written examinations in appraisal ethics, principals of appraisal standards, and in the designated field of Asian Art. Both organizations require re-certification every five years.

Elisabeth Douglas provides appraisal services in the field of Asian art and antiques. Her professional designation is in the field of Personal Property/ Asian Art. She holds memberships in the

An appraisal is performed for a stated and specific purpose, i.e. insurance, estate, donation, equitable distribution, because the value may vary with the purpose. It consists of on-site examination, if possible, authentication or identification, research of comparable items and their values in the appropriate market, analysis of values and value conclusions – all contained and summarized in a formal document.

Personal property appraisers are not licensed, do not need to belong to an appraisal organization and anyone may call himself an appraiser. But the field of appraising has undergone dramatic changes during the recent years, with insurance companies, law firms, courts, museums, and most importantly the IRS selecting from a field of qualified appraisers. If you are looking for an appraiser, find out which appraisal organization the appraiser belongs to, if testing, accreditation and requalification are required, and if the appraiser follows the guidelines and standards of USPAP (Uniform Standards of Professional Appraisal Practice).

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