It must be noted that there are no licensure requirements for the appraisal of personal tangible assets (not so in real estate) and, as it is not regulated, appraising may be considered autonomous. Also, to be considered is the fact that all appraisal documents are, by their very nature and definition, immanent. Its therefore most incumbent upon the legal and financial professional to interview and review the credentials or provenience of the appraiser in depth in order to determine the level of expertise.
We have defined appraisals in different ways and in different contexts. By exact definition an appraisal is an opinion or statement of value. When a report is created by one who holds himself or herself out to the general public as a professional, that report and its conclusions can be considered to be a legal document. Verbal appraisals or judgments of value may also be subject to the same legal inadvertence.
As stated at first, all appraisals are not the same. All legal and financial professionals do not necessarily address the fundamental nature of the appraiser or the appraisal report equally. It behooves all legal and financial professionals to work closely with their clients to determine the real purpose for which the appraisal will be written and review that purpose with the appraiser. Ultimately it is an informed appraiser and the process that will bring the “right” value to the table.