A Personal Property Appraisal
Tuesday, February 12th, 2008 6:28pm
Personal property appraisal covers all property that is not real estate even if the property belongs to a corporation, business, trust or organization. The first thing an appraiser must do is identify the purpose (business valuation, merger, acquisition, loan, insurance, decedent estate, divorce or many other reasons) for the appraisal, determine the scope of work required to meet the purpose, then research and analyze the purpose in order to develop an appropriate appraisal. SINCE Congress has required the USPAP (The Uniform Standards of Professional Appraisal Practice) to be applied when appraising personal property, few appraisers have studied USPAP or passed the government test that qualifies them to continue in the appraisal business. Durkin Valuation Associates have numerous appraisers from 30 years experience appraising and we are willing to testify as expert witnesses anywhere in the world. Telephone: (617) 720-0332
In developing a personal property appraisal, the appraiser MUST NOT:
In developing a personal property appraisal, the appraiser MUST:
Identify the type and definition of value;
If market value is to be used, determine whether the value is to be the most probable price.
If the value is to be based upon non-market financing or financing with unusual conditions or incentives, the financing terms must be clearly stated, along with the appraisers opinion regarding the contribution or negative influence the financing conditions place upon the value, determined by an analysis of the relevant market data including identification of the client and other intended users;
The disclosure requirements set forth in USPAP for extraordinary assumptions are followed by the appraiser.
Durkin Valuations (617) 720-0332
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