Appraisal Report Writing Standards
Appraisal Report Writing Standards
This domain tests whether your personal property report communicates the assignment and supports the conclusion so an intended user can understand it without asking you. The governing reporting standard is USPAP Standard 8.
Required content
- Identify the client and intended users, intended use, purpose, definition of value, effective date of value, and report date.
- Describe the property clearly enough to be identified: maker, title, materials, dimensions, marks, condition, restoration, provenance, and attribution qualifiers.
- State the scope of work: inspection level, research sources, market level, and analysis performed.
- Explain the approach or approaches used and the comparable evidence. For sales comparison, give source, date, sale price, and adjustments; for cost, show cost basis and depreciation.
- Include reconciliation: explain why the selected value is best supported; do not simply average.
- State extraordinary assumptions, hypothetical conditions, limiting conditions, and any jurisdictional exception.
- Include a signed certification, the appraiser's qualifications, and any significant professional assistance.
Worked example
A draft estate report says only Value: $25,000 with no definition, comparable sales, condition notes, or certification. Correct it by adding fair market value defined as of the effective date, an item-level description, three auction comparables with dates and adjustments, condition and restoration notes, reconciliation, assumptions, and a signed certification. The value may stay $25,000, but now it is supported and reviewable.
Traps
Boilerplate limiting conditions that contradict the scope; mixing retail and auction evidence; unsupported expert conclusions; missing signature or effective date; failing to identify intended users; using undefined market value; omitting adverse condition or provenance information.