Sample Traditional Appraisal Done In Person - for Insurance Coverage
(Sections in green may require customization.)

As you requested, on January 22, 2008 I conducted an appraisal inspection in your presence at the above address of selected items of appreciable personal property understood to be owned by you. The objective and intended use of the appraisal was to estimate the market value of the listed items for use in establishing your insurance needs. The market value estimates are effective as of the date of my inspection. In accordance with the Uniform Standards of Professional Practice (USPAP), this appraisal report makes use of the Summary Appraisal Report option. This report is intended for use only by you, my client, and your insurance company. Use of this report by others is not intended. This report was prepared and signed on January 29, 2008.

In this appraisal, the sales comparison approach to value was employed to determine market value. In the sales comparison approach, the most relevant market is researched to locate comparable items which have sold in the past or which are currently being offered for sale. Since the subject property is not investment property, the income approach to value was not considered. Neither was the cost approach to valuation considered since the subject property is appreciable in nature and, therefore, has value characteristics which cannot be reproduced or purchased new.

You have advised me that your property insurance policy includes an agreed value clause which would allow for a loss to be adjusted on the basis of market value. Market value is defined by the Association of Online Appraisers as the price that a willing buyer would pay and a willing seller would accept in an arm's-length transaction in the relevant competitive and open market. In this assignment, the most relevant market is one in which you customarily shop and in which you can obtain replacement properties within a reasonable length of time with comparable items of like kind, age, quality, and utility having similar wear and tear, decay or defects, obsolescence and value characteristics as the items being appraised.

This appraisal is to be used only for the function of obtaining insurance coverage. Any other use of this appraisal renders it null and void. These market value estimates [do or do not reflect] any additional expenses which might be incurred in purchasing replacement items such as sales tax or shipping costs.

In summary, the market value of the appraised items totals $14,800.

Market values were obtained by researching the most appropriate marketplace to estimate the amount of money which would have to be given in exchange for a suitable replacement property should the subject property need to be replaced. The scope of work employed in this assignment included a physical inspection of the subject property and identification research conducted making use of relevant resource books and specialized Internet Websites. Market value research was conducted at local antiques malls, auctions, antiques stores and through price guide research and searches on Internet Website databases including tias.com, rubylane.com, and priceminer.com.

Unless otherwise stated herein, the market values expressed are based on the general expertise and qualifications of the appraiser as to the appropriate market and methodology for the items involved. If a market used in the development of the values was other than balanced, it will be so noted.

The market value estimates expressed herein are based on the appraiser's best judgment and opinion and are not a representation or warranty that the items will realize the stated amount if offered for sale at auction or otherwise.

In general, the condition of the items examined was very good. Any alterations from original condition or damage beyond that usual and common for items of similar age are so noted in the appraisal report.

Unless stated elsewhere, this appraisal is based only on the readily apparent identity of the items appraised. In my opinion no further opinion or guarantee of authenticity, genuineness, attribution or authorship is necessary.

I understand that you are the owner of the property listed within this report. The appraised values are based upon the whole interest of the owner undiminished by any liens, fractional interests or any other form of encumbrance. Mere possession of this appraisal is not an indication or certificate of title or ownership. Ownership and ownership interest have been represented to me by you, my client, and no inquiry or investigation will be made nor is any opinion to be given as to the truth of such representation.

Where this appraisal is based not only on the items but also on factual data or documentation supplied therewith, this appraisal report shall so state my making reference thereto and, where appropriate, attaching copies thereto.

I certify that, to the best of my knowledge and belief:

• The statements of fact contained in this report are true and correct.
• The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.
• I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.
• I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
• My engagement in this assignment was not contingent upon developing or reporting predetermined results.
• My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
• My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice and with the ethics and appraisal report writing standards of the Association of Online Appraisers.
• I have made a personal inspection of the property that is the subject of this report.
• No one provided significant personal property appraisal assistance to the person signing this certification.

With the exception of my client, possession of this report or its copy does not carry with it the right of publication, nor may this report be used for any purpose by anyone other than my client or his agent without my previous written consent. If this report is reproduced, copied or otherwise used by those authorized it must be done so in the report's entirety including this cover document and all attachments. Furthermore, no change to any item in this appraisal shall be made by anyone other than me. I am not responsible for any unauthorized changes to this report.

I regard all information concerning this appraisal as confidential. I retain a copy of this document along with my original notes, and I will not allow others to have access to these records without your written permission unless so ordered by a court of law.

Unless otherwise stated, with the exception of the client and/or his agent this appraisal is not intended to be used by or influence any particular person(s) or class(es) of persons which might take some action in reliance upon it. Unless otherwise stated, this appraiser is not aware that the client intends to transmit any information contained in this report to any other person(s) or group(s). This appraiser's liability is limited to the client and the anticipated intended users of this report as indicated herein to the exclusion of all others. Parties other than those specifically listed as authorized intended users of this report who take some action in reliance upon this appraisal do so at their own risk.

Photographs of the appraised items are enclosed, and my qualifications are listed in the attached Professional Profile. Please call if you have any questions or if I can be of further assistance.

Sincerely,

John Q. Appraiser

Enc.

© 2000-2008 -- David J. Maloney, Jr., AOA CM