What is an assessment? (with photos)

A personal property appraiser determines the value of jewelry, such as gold rings.

An appraisal is a professional estimate of a property’s value. The item to be valued could be a small individual piece, such as jewelry or artwork, or something larger, such as a home or business. In many cases, this estimate is needed before a piece of art, jewelry, or even a house can be insured. Before a mortgage or loan can be approved for a home, that home will also need to be appraised. This is important to ensure that the value of the insurance or loan is equal to the value of the property.

There are several areas in which an assessment can be made:

Personal possessions: This includes items such as jewelry, fine china, artwork, pottery, antiques, and other family heirlooms.

Real Estate: Consists of evaluating the value of real estate.

Bulk Valuation: Combines personal and immovable property valuation.

Business valuation: This type of valuation assesses the value of a business, including equipment, services, logos and goodwill – tangible and intangible assets.

Antiques brought to a dealer can usually be appraised on the spot.

To become an appraiser, a person must be a good communicator and possess excellent analytical skills. It wouldn’t hurt to be good with numbers either. To make an assessment, the individual must first have some schooling. In the United States, the Appraisal Foundation’s Appraiser Qualifications Board has certain qualifications that must be met in order for someone to give their first estimate of value. The person will need to take several hours of classes in a chosen field of assessment and may also need to pass an exam.

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Appraisers can determine whether the family inheritance has monetary value.

It is not necessary to have a university degree to take an assessment, but people who wish to receive their training through a professional organization may find it necessary. At the end of the training period, the student may receive an “evaluator designation”, which basically means that he/she has completed a certain course or program.

Many evaluators find it good to be part of a professional organization. In addition to the initial training they may receive, the group will also help individuals gain hands-on experience by establishing or allowing them to participate in assessments. Once a person gains some experience, the possibilities are endless. He or she may work for an insurance company, a museum, a jewelry chain, a bank, a law firm, and even the government.

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