Daffy Finds His Piggy Bank

Earthquakes, fires, tax liabilities, the news is filled with events that can cause devastation to our lives. They can also cause financial havoc. One of the best line of defenses is a good appraisal report.  

Basically, there are two types of appraisers, a real estate appraiser and a personal property appraiser. The real estate appraiser focuses on buildings and land. The personal property appraiser does everything else. This article will focus on the personal property appraiser.

At this point in time, there is no state that has any laws, regulations or licensing requirements for an appraiser. Anyone can claim to be one. So how do you protect yourself?  Here are three questions to ask when you are looking for a qualified appraiser.

1. Do they belong to an appraisal organization that requires testing?  There are three major organizations in the USA that requires their members to complete appraisal courses and to maintain their certifications through continuing education. They are the ISA, International Society of Appraiser (which is the largest), the AAA, Appraiser Association of America and the ASA, American Society of Appraisers. You can call these organizations to verify membership and if they are maintaining their educational requirements.

2. How do they charge for their fees?  Most qualified appraisers will base their fees on a hourly rate or a per job rate.  Run away from an appraiser that charges a percentage of the appraised value. This just encourages an inflated value and is a conflict of interest.

3. Will they purchase your collection? This is another big conflict of interest. There is no problem with someone offering to purchase your items. They just can not appraise the items and purchase them. The IRS frowns on this and they will assess penalties and interest.  

Asking these questions will help you to find a qualified appraiser so that you can get the report completed correctly the first time and avoid any further problems.

Illustrated is the hand painted limited edition cel by Warner Bros Studios, "Daffy Finds His Piggy Bank".  You can see more animation art at Cartoons.

For more information on appraisals, click report.