Welcome to another episode of Hot Tips for the Personal Property Appraiser brought to you by nationally-known appraiser, and appraisal course author and instructor, Dave Maloney. Be sure to visit Dave on the web at DavidMaloney.com and AppraisalCourseAssociates.com. © 2010 David J. Maloney, Jr., AOA CM | DavidMaloney.com | AppraisalCourseAssociates.com

The Appraisal Process Appraisal Process A seven-step process Appraisal development phase Appraisal reporting phase Step 1: Identify the appraisal problem Identify client and other intended users Identify intended use of the appraisal Identify type and definition of value to be used Identify effective date of the appraisal Identify property and its relevant property characteristics Identify assignment conditions Extraordinary assumptions, hypothetical conditions, limiting conditions, jurisdictional exceptions Step 2: Determine scope of work Step 3: Select appropriate market, collect and analyze market data Step 4: Apply approach(es) to value Step 5: If determining a type of market value, analyze listings or prior sales Step 6: Reconcile value indicators, arrive at final value conclusion Step 7: Report assignment results (based on Steps 1 – 6) © 2010 David J. Maloney, Jr., AOA CM | DavidMaloney.com | AppraisalCourseAssociates.com

Hot Tips for the Personal Property Appraiser This episode of Hot Tips for the Personal Property Appraiser makes use of the 3rd edition of Dave Maloney’s 550-page “how-to” book for the appraiser entitled Appraising Personal Property: Principles and Methodology available at DavidMaloney.com © 2010 David J. Maloney, Jr., AOA CM | DavidMaloney.com | AppraisalCourseAssociates.com