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Professional Appraisal Report

What Should A Professional Personal Property Appraisal Look Like?

There are seventeen official parts to a complete professional appraisal document. USPAP (Uniform Standards of Professional Appraisal Practice) also requires a signed certification that assures the appraiser has adhered to the competency, ethics, confidentiality, and record keeping standards set forth by The Appraisal Foundation. The American Society of Appraisers also provides information on USPAP standards. A Professional Appraisal Report for Personal Property must include:

  1. A complete description of each item (including condition, age, style, form, dimensions, maker’s marks, inscriptions, materials, and other information), photographs, provenance (history of the object), other documentation, the facts on which the appraisal were based i. e. the approach to value that was used, market sales found and the market analysis of the sales.
  2. A photograph of the object if required for identification purposes or IRS requirements.
  3. All items described in the context of the general market.
  4. A section that describes the conditions of the assignment.

An appraisal document used to be considered qualified as long as it included a description of the method of valuation used to determine fair market value, but not anymore.

In the new definition, an appraisal document must be prepared by a qualified appraiser, and must be prepared in accordance with generally accepted appraisal standards.

These rigorous standards, contained in a 232 page document subject to revision every two years, are known to appraisers as Uniform Standards of Professional Appraisal Practice (USPAP). All professional appraisers must pass an examination on USPAP every five years and certify in every report that they adhere to USPAP regulations in their practice.

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Yvonne Karn Appraisals serves all cities in Orange County, including: Aliso Viejo, Anaheim, Balboa Island, Brea, Buena Park, Capistrano Beach, Corona Del Mar, Costa Mesa, Coto de Caza, Cypress, Dana Point, as well as estate appraisal services in Foothill Ranch, Fountain Valley, Fullerton, Garden Grove, Huntington Beach, Irvine, La Habra, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, Lake Forest, Los Alamitos and estate appraisals in Los Angeles, Beverly Hills, Mission Viejo, Newport Beach, with a qualified appraiser in Orange, OC, Placentia, Rancho Santa Margarita, San Clemente, Santa Ana, Seal Beach, Tustin, Villa Park, Westminster, and Yorba Linda. Also serving San Diego County and San Bernadino County.

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