USPAP-Compliant Restricted Appraisal Report Body
for personal use of the client only

This is an online appraisal report prepared on and with the above indicated effective date. This appraisal has been conducted on the client's behalf at the request of the appraisal management company, Valuethisnow.com who forwarded me information provided by the client regarding the property that is the subject of this appraisal report. Use of this appraisal report is subject to the Terms of Service as listed on the Valuethisnow.com's web site.

This report body contains the assignment-specific elements of information that are required to be included in this report by the Uniform Standards of Professional Practice (USPAP) as promulgated by The Appraisal Foundation of Washington, DC.

Report Option Used

This appraisal report has been prepared making use of USPAP's Restricted Appraisal Report option. A Restricted Appraisal Report is one that can be used only by the client and no one else. The appraiser's opinions and conclusions set forth in this report cannot be understood properly by anyone other than the client without knowledge of additional information contained in the appraiser's confidential workfile.

Identity of Client and Other Intended Users

This report is intended for use only by the client. With the exception of the client, this appraisal report 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. I am not aware that the client intends to transmit any information contained in this report to any other person(s) or group(s). Regardless of who receives a copy of this report, my liability is limited to the client to the exclusion of all others. Parties other than the client who take some action in reliance upon this report do so at their own risk. Due to the requirement for anonymity, I am unaware of the identity of the client, but assume the client to be a private party.

Ownership Interest Being Appraised

The appraised values are based upon an assumed 100% client interest in the property undiminished by any liens, fractional interests or any other form of encumbrance. I assume that the client is the sole owner of the property listed in this report; however, mere possession of this appraisal report is not an indication or certificate of title or ownership. Ownership and ownership interest have been represented to me by the client, and no inquiry or investigation has been made nor is any opinion to be given as to the accuracy of such representation.

Intended Use and Value Type and Definition

By agreement between the appraisal management company and the client, the scope of work for this appraisal assignment has been limited to providing an estimate of fair market value and replacement value (comparable) for the intended private uses of personal knowledge, contemplated sale or purchase, or personal planning. This appraisal is invalid if used for any other purpose. Opinions of value are in terms of cash.

The definition of Fair Market Value is set forth in Treasury Regulation Sec. 1.170A-1(c)(2) which states that the Fair Market Value is "The price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts." For purposes of this assignment, fair market value is based on past consummated sales within the auction market, either online or the traditional onsite.

As defined by "Appraising Personal Property: Principles & Methodology" (Maloney, Appraisers Press, 2013) replacement value (comparable) is the worth of an item based on the amount of money necessary to obtain a comparable substitute property that would provide the same enjoyment, usefulness and other rights of ownership as did the subject property. Replacement value (comparable) is based on the substitute property's replacement cost (comparable) which is defined as the amount of money necessary to replace the item being appraised with a comparable item of property of like kind, age, quality, and utility having similar wear and tear, obsolescence, and value-relevant characteristics as the item being appraised. Replacement cost (comparable) is useful, for instance, when estimating replacement value (comparable) for acquiring insurance coverage of items not capable of being replaced with a brand new property such as antiques, collectibles, or works of art by a deceased artist.

Relevant Dates

Relevant dates associated with this assignment include the following:

  • Effective Date of Appraisal: [%created_at%]
  • Date of Report:  [%created_at%]

 

Scope of Work

The scope of work for this assignment included an examination of the digital images and descriptive information provided to me by the client. Identification research was later conducted as necessary making use of resources such as internet web sites and/or relevant books authored by subject property experts. Value research was conducted as necessary making use of relevant market research such as price guides, auction sales results, and relevant Internet market data sources. My own past experiences,  knowledge and personal observations may have alone formed the basis for my opinion of value.

Information Analyzed, Approach to Value

In this assignment, the sales comparison approach to value was employed to determine fair market value as well as replacement value (comparable.) In the sales comparison approach, the most appropriate market is researched to locate comparable items which have sold in the past. Adjustments in value are made to reflect differences (if any) in value relevant characteristics between the comparable properties and the subject properties.

Neither the cost approach to value nor the income approach to value were employed:

  • The cost approach to value was not used in this assignment. The cost approach makes use of the cost to replace the subject property with a brand new property. Since all the appraised items have value-relevant characteristics of age, provenance and rarity, they cannot be suitably replaced with a brand new item; therefore, the cost approach to value, while considered, was not applied to this assignment.
  • The income approach to value was not used in this assignment. In the income approach, anticipated future income of investment property (i.e., income-generating property) is capitalized in order to calculate its present worth. Since the subject property is not investment property, the income approach to value, while considered, was not applied to this assignment.

 

Listings/Offers/Prior Sales

There are no known current agreements of sale, validated offers or third-party offers to sell, options, or listings of the subject property as of the effective date of the appraisal. There are no known prior sales of the subject property that have occurred within a reasonable time preceding the effective date of this appraisal.

Assignment Conditions Encountered

Assignment conditions could affect the assignment results.

  • Limiting Conditions: I was unable to personally inspect the subject property
  • Extraordinary Assumptions:
    • I made the assumptions that the property did exist and that its identity and value-relevant characteristics were as stated by the client.
    • The client acknowledges that the property is genuine. Unless otherwise noted herein, I made the assumption (based on information provided by the client) that the subject property is genuine.
    • Unless otherwise noted, I am assuming that the areas of the subject property not visible in the images provided are in excellent condition.
    • While I assume the information provided to be accurate, I am unable to verify the acquisition source, provenance or family history of the item as stated by the client.

 

USPAP Certification

With the below signature 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 performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.
  • 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.
  • I have not 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.