Frequently Asked Questions (FAQs)
1What is an appraisal?
An appraisal is an unbiased, supportable conclusion of a defined value prepared by an individual trained in research and analysis, who is knowledgeable regarding the property and its class and who acts in accordance with accepted and professed standards of practice.
2Why choose a professional appraiser?
Everything you see on TV isn’t always reality. Professional appraisals can’t be completed in five minutes and they are never free. Just as with any other professional service, you get what you pay for.
3Why hire an independent appraiser (rather than a dealer or auctioneer)?
Independent ASA appraisers back up their opinions with explanation and relevant evidence. The IRS and others recognize ASA appraisers as “qualified” because they are trained in valuation and tested for competence in specific types of personal property
4Why choose an ASA-accredited appraiser?
ASA-accredited appraisers provide exceptional valuation expertise as they earn their designations only after completing a rigorous course structure and peer-evaluation process that requires years of study, experience, dedication and commitment. ASA accredited appraisers follow both the professional standards set forth by the Appraisal Foundation and ASA's own Code of Ethics and Principles of Appraisal Practice to provide a credible, objective opinion of value.
5Aren't all appraisers IRS qualified, accredited and tested?
No. The personal property appraisal profession is mostly unregulated, which unfortunately means anyone who calls themselves an “appraiser” can present you with an opinion of value in exchange for money. Often dealers, estate sale businesses, insurance professionals, auctioneers, collectors and even “retired enthusiasts” act as appraisers. Although many do have real world experience with the subjects they appraise, most don’t have the formal training in valuation methodology and USPAP required to create credible legal documents.
6What does “IRS Qualified” appraiser mean?
According to the IRS a “Qualified Appraiser” has earned an appraisal designation from a recognized professional appraisal organization (such as the ASA) or has met certain minimum education and experience requirements; regularly prepares appraisals for which the individual is paid; demonstrates verifiable education and experience in valuing the type of property being appraised.
7What is USPAP?
The Uniform Standards of Professional Appraisal Practice (USPAP) is the generally recognized ethical and performance standards for the appraisal profession in the United States. USPAP was adopted by Congress in 1989, and contains standards for all types of appraisal services, including real estate, personal property, business and mass appraisal.
8What is diminished value?
Diminished value is the percentage of value that is permanently lost due to an accident, even though it has been repaired.
9Are appraisals confidential?
AA&C takes all steps to safeguard access to confidential information and assignment results by unauthorized individuals, whether such information or results are in physical or electronic form.
10How do you charge for your services?
All fees are set in advance. Appraisal assignments may be performed on an hourly or per property basis. Please contact us directly for further information.
11What is the Appraisal Foundation?
The Appraisal Foundation (Foundation) is the nation’s foremost authority on the valuation profession. The organization sets the Congressionally authorized standards and qualifications for real estate appraisers, and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals. This work advances the profession by ensuring that appraisals are independent, consistent, and objective. Learn more at their website: https://appraisalfoundation.org/