PERSONAL PROPERTY APPRAISALS
What to look for in a Professional Personal Property Appraisal Report
With the government, courts, judges, banks, attorneys, accountants, insurance representative and other professionals examining more closely the personal property appraisal report, it is important to know what to expect from a professional personal property appraisal report
Here are a few points that a professional report should have:
A complete and accurate description of the property with an analysis of the factors affecting value and reflecting the appraiser's research in accordance with the standards required by government authorities.
A definition of value appropriate to the type of appraisal
A value for the property appraised substantiated by the report analysis
The appraiser's qualification page
The appraiser's signature
The appraiser's statement that the appraiser does not have and never has had a financial interest in the property
And you should confirm with the appraiser that the appraiser's report can be
defended in court if needed
The Appraiser shall obtain the relevant facts relating to the subject property to
form the final conclusion of value.
All formal appraisal reports shall be in writing signed by the Appraiser.
The Appraiser shall disclose any interest in the subject property.
The Appraiser will accept an assignment only if the appraisal can be performed without bias.
The Appraiser shall maintain the confidential nature of the appraisal report.
The contents of the report shall not be disclosed without consent of the client or by court order
The fee charged by the Appraiser shall be independent of the value in the report
The Appraiser shall maintain respect for others in the appraisal profession.
The Certified Appraisers Guild of America
The largest national professional accrediting organization providing training of personal property appraisers. The Guild has been instrumental in the effort to standardize the personal property appraisal professional.
Membership Requirements
Each member is required to attend professional training and pass a comprehensive exam before becoming certified. No one is allowed to be a member of the Certified Appraisers Guild of America without completing the certification program. There are no 'grandfathered' or 'Associate' members that have not completed the training and exam.
Educational Standards
Special areas of emphasis in training include Internal Revenue Service appraisal requirements, estate and gift appraisals, charitable donation appraisals, bankruptcy appraisals, insurance appraisals, appraisals for divorce, and casualty loss appraisals. In addition, each member is required to attend a courtroom expert witness seminar with special emphasis on appraisals for courts and testifying in court. Ending with a mock trial presided over by actual Judges and Attorneys.
Certification
The Certified Appraisers Guild of America confers the professional membership designation CAGA to recognize the completion of the appraiser's certification education. Members are professionals who have completed the certification process. In addition, the members have made a commitment to the Certified Appraisers Guild's Code of Professional Ethics and to the Uniform Standards of Professional Appraisal Practice.
Accredited Personal Property Appraiser Gary R. Smith CAGA NCAL 8138, TAL 5576
Phone: (252) 342-7325
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