What is an appraisal?

This is an elementary question.  It is, however, worth defining what an appraisal is in order to help identify a client's needs, and to establish a clear understanding of the work that will be completed in order to meet these requirements.

An appraisal is an impartial analysis and evaluation conducted according to established criteria to determine the acceptability, merit, or worth of an item.

An appraisal, which is called an “assignment” by professionals working in the field, is a formal report that states an opinion about the value of property.  The monetary worth of an asset is determined by an appraiser who has specialized knowledge of personal property in a particular area of expertise.  In addition to this knowledge the appraiser applies his/her awareness of factors, such as condition, quality, rarity, and market demand that have an influence of value.  In conjunction with these qualitative elements, and quantitative facts, the appraiser takes into affect the intended use of the report he/she has been retained to write to determine the value of the property.