Frequently Asked Questions (FAQ)
What is personal property?
"Any tangible or intangible article that is subject to ownership and not classified as real property, including identifiable tangible objects that are considered by the general public as being “personal“, such as furnishings, artwork, antiques, gems and jewelry, collectibles, machinery and equipment, and intangible property that is created and stored electronically such as plans for installation art, choreography, emails, or designs for digital tokens.”
Source:
Uniform Standards of Professional Appraisal Practice 2020-21. Appraisal Standards Board. The Appraisal Foundation, Washington, D.C. Effective January 1, 2020 through December 31, 2023 (by TAF extension).
Are there different values for the same item?
Yes, depending on the intended use of the appraisal, replacement value, fair market value, and orderly liquidation value are amongst the many types of value which are defined and used. The appraiser should discuss this with the client prior to proceeding with the assignment.
Do appraisers buy the items being appraised?
No. It would be a conflict of interest. A professional appraiser should never offer to buy the the items they appraise.
Are all appraisers the same?
No. Select an Accredited Appraiser with experience in the category of items being appraised. They should also have a designation from a major appraisal society such as the "American Society of Appraisers" of which I am an Accredited Senior Appraiser.
How are appraisers credentialed?
They qualify through major appraisal societies by taking courses, testing, proving years of experience and becoming re-accredited every five (5) years. They should also be compliant and up to date with the Uniform Standards of Professional Appraisal Practice (USPAP).
Are personal property appraisers licensed?
Currently, there are no California State license requirements for appraising personal property.
Are appraisers advocates?
No. Their role is to provide a professional, impartial, third-party opinion regarding the values of the items they appraise.
Are all appraisers qualified to perform IRS related tax appraisals?
No. IRS related tax appraisals must be prepared by a "Qualified Appraiser" who writes a “Qualified Appraisal" per the requirements of the IRS.
How long do appraisers keep a copy of an appraisal report?
They are required to keep a copy of the appraisal report and the work file for a minimum of five (5) years after preparation, or two (2) years after final disposition of any judicial proceeding in which the appraiser provided testimony related to the assignment.