Intended Use Drives the Appraisal Process. Intended Use must be Understood to Identify the Appraisal Problem and To Determine the Scope of Work to Solve the Problem
Every competent general personal property appraiser must follow the all important appraisal process and begin each potential appraisal assignment by carefully communicating with potential clients in order to properly understand (identify) the appraisal problem. There are several critical factors that must be identified. Each assignment element (client, intended use, intended users (and their needs),effective date, value type and definition, relevant property characteristics and all assignment conditions) must be identified before the appraiser can determine whether or not they are competent to complete the assignment.
Only then can the appraiser determine their competency to complete the assignment and proceed to determine and complete an appropriate scope of work. The general antique and personal property appraiser of household contents and rare objects must do everything necessary to develop credible assignment results. Only then can the appraiser establish that their opinions, analyses and conclusions are credible, and then communicate a report that is meaningful (relevant to the problem identified). The client should be able to understand the appraisal report properly and determine it is sufficient, relevant adequate and complete (worthy of reliance). The report cannot be misleading. A general antique and personal property appraiser must be competent with the property types, assignment type (intended use), methodology and legal and other conditions that apply.
The Uniform Standards of Professional Appraisal Practice (USPAP) reflects the appraisal process and establishes the minimum rules and standards for all appraisers in order to protect the public (potential clients). Novotny is an AQB Certified National USPAP Instructor and has been since 2002. He was the first personal property appraiser in the USA to achieve this certification. Find out more!
The antique and personal property appraiser must understand what actions or decisions will be taken by the client (intended use), as well as the needs of identified intended users of the appraisal report. Determining the value definition that is most relevant to intended use allows the appraiser to select the relevant market to investigate. There are many market levels in which personal property is bought and sold since personal property is movable. Each market level has unique conditions that apply. The market chosen to investigate must be relevant to and meet the conditions established by the value definition and be relevant to intended use. Data gathered by investigating the appropriate and relevant market provides a basis of support for the appraiser's value conclusions (retained in a work file).
There are often unusual assignment conditions that apply to some appraisals. For instance, sometimes property is stolen, or is totally destroyed and cannot be inspected. Such limiting conditions are very challenging for the appraiser when developing and reporting assignment results. Such assignments are a Novotny specialty. See his published article that resulted from him serving as an expert witness during the litigation of the massive La Conchita landslide of 2005 just south of Santa Barbara with over 20 plaintiffs:
Equivalent Sampling: The Valuation of Loss Claims with Limited Property Descriptions, Novotny William M., ISA AM, Journal of Advanced Appraisal Studies, Foundation for Appraisal Education, Chicago IL 2008.
To better understand the competency requirements of appraisers read this article: When Does USPAP Require a Competency Disclosure?Novotny William M., ISA AM, 2011, Journal of Advanced Appraisal Studies, Foundation for Appraisal Education, Chicago IL
It is important to understand that clients must have good reason to trust an appraiser: Find out more: Read What Makes an Appraisal Worthy of Belief? USPAP! Novotny William M., ISA AM, Journal of Advanced Appraisal Studies, Foundation for Appraisal Education, Chicago IL 2008
CALL or EMAIL Novotny now to find out if he is the best match to solve you valuation problem.
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Click on an above link to go the Intended Use page of Novotnyappraisal.com then scroll down for a discussion of each of the "Intended Use" links.