FAQ's about Personal Property Appraisal - HELP with Process

Top 10 Questions

Question 1. What qualifies an Appraiser to value my personal property?

A qualified Personal Property Appraiser should have formal education in Appraisal theory, principles, procedures, ethics, and law. They should be up-to-date on the latest Appraisal standards. Continuing education and testing are the only ways to ensure this competence.

Question 2. Do all Appraisers have similar Qualifications?

NO. There are self-acclaimed Personal Property Appraisers who HAVE NOT COMPLETED ANY PROFESSIOANL EDUCATION. Obtaining a copy of an Appraiser's Professional Profile(CV) or resume can help evaluate the Appraiser's credentials.

Question 3. How do you handle items that may be outside your specialty area?

NO Personal Property Appraiser should claim expertise in everything. Our colective group of qualified Apprasiers recognize over 200 areas of specialty knowledge. A good Appraiser knows their limits and is expected to consult with other experts when necessary.

Question 4. What is your fee and on what basis do you charge?

Do not hire a Personal Property Appraiser who charges a percentage of the appraised value or charges a “contingency” fee. These practices are clearly conflicts of interest and may result in biased values. REVENUE CANADA will not accept an appraisal done with such fee arrangements. Hourly fees are acceptable.

Question 5. What will the appraisal report be like?

You should receive a formal, typewritten report that gives you the information you need in a complete and organized way.

Question 6. Do you take photographs of the items being appraised?

Yes, videos or digital images are taken and embedded in all the appraisal reports.

Question 7. Does the Federal or Provincial Government regulate Personal Property Appraisers?

NO. Personal Property Appraisers are not regulated by government agencies as real property appraisers are.

Question 8. What is USPAP?

USPAP stands for the Universal Standards of Professional Appraisal Practice and is the document developed by the Federal Government.

Question 9. Why are there different values?

The function or what you are going to do with the information dictates the value being sought. For instance, the values may be different if you want to insure an item or if you want to sell that item in a short period of time.