An independent organization established in 1987 by the US government with members from various appraisal organizations. The Foundation now receives federal funds and is empowered by Congress to establish standards for all aspects of the appraisal profession.

This is the procedures and rules for executing properly prepared appraisal reports.

The IRS Art Advisory Panel is comprised of IRS staff appraisers, art dealers and museum directors. Generally objects above $20k in value are reviewed by panel.

The Uniform Standards of Professional Appraisal Practice are the standards and ethics Qualified Appraisers must abide by and are considered the quality control standards.

This is the dollar amount dependent upon the type of appraisal report being written: insurance, IRS, equitable distribution for divorce proceedings or liquidation. The
appraiser must state which value is being used and give a clear, concise definition of that value and cite the source for the definition.

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." (According to Technical Advisory Memorandum 9235005 [May 27, 1992], Fair Market Value should include the buyer\'s premium.)

*IRS definition as stated in the Treasury Regulation Sections 1.170A-1 (c) (2)

Retail Replacement Value is “defined as the highest amount that would be required to replace a property with another of similar age, quality, origin, appearance, provenance, and condition within a reasonable length of time in an appropriate and relevant market."

*IRS definition as stated in the Treasury Regulation Sections 1.170A-1 (c) (2)

The net value a willing seller realizes after disposing of property in a competitive and open market to a willing buyer. Both the buyer and seller must be reasonably knowledgeable of all relevant facts, and neither being under constraint to buy or sell. Marketable cash value takes into consideration insurance, dealer commissions, advertising, travel, and shipping expenses that may be involved in the sale.

*IRS definition as stated in the Treasury Regulation Sections 1.170A-1 (c) (2)

Forced Liquidation Value is defined as the net price in terms of cash, or other precisely revealed terms, for which the property would change hands if sold immediately, without regard to relevant marketplace and appropriate use.

*IRS definition as stated in the Treasury Regulation Sections 1.170A-1 (c) (2)