A "Free Appraisal" offered for personal property by anyone other than an appraisal professional is more likely to be verbal opinion of value, rather than a professional appraisal report.

An appraisal is a professionally developed, reasoned conclusion of value.  This value is concluded based upon research at the appropriate market levels, and is substantiated by market examples.  The professional appraisal is prepared for a specific purpose with independence, impartiality, and objectivity.  An appraisal report is signed document which is suitable for submission to insurance companies, the courts and the Internal Revenue Service.  As required by the Code of Ethics of the American Society of Appraisers and the Uniform Standards of Appraisal Practice (USPAP), the appraiser must report the facts acting as a disinterested third party, rather than as an advocate.  Appraisal procedures, research methodology, market selection, and the resulting value conclusions can differ with various purposes and functions of appraisal assignments.  A report prepared for one purpose very likely would be inappropriate for another; for instance, an insurance coverage appraisal would not be acceptable for use in estate tax or charitable contribution matters.

A Feasibility Analysis is a study of the marketplace, frequently performed to determine economic benefits of sale or sale versus charitable contribution.

The American Society of Appraisers is an international organization of appraisal professionals and others interested in the appraisal profession.  ASA is the oldest and only major appraisal organization representing all of the disciplines of appraisal specialists.  The American Society of Appraisers:

The Appraisal Foundation strives to be the ultimate source of appraisal standards, appraiser qualifications, and standards of ethical conduct in all valuation disciplines to assure public trust in the valuation profession.  A not-for-profit organization dedicated to the advancement of professional valuation, The Appraisal Foundation was established by the appraisal profession in the United States in 1987.  Since its inception, the Foundation has worked to foster professionalism in appraising by:

▪  establishing, improving, and promoting the Uniform Standards of Professional Appraisal Practice (USPAP);

▪  establishing educational experience and examination qualification criteria for the licensing, certification, and
    recertification of real property appraisers;

▪  establishing educational and experience qualification criteria for other valuation disciplines;

▪  disseminating information on USPAP and the Appraiser Qualification Criteria to the appraisal profession, state and
    federal government agencies, users of appraisal services, related industries and industry groups, and the general
    public, and;

▪  sponsoring appropriate activities relating to standards, qualifications, and issues of importance to appraisers and
    users of appraisal services.

In 1987 the federal government established a detailed list of minimum standards for appraisers, known as the Uniform Standards of Appraisal practice, or USPAP.  The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 recognizes USPAP as the generally accepted appraisal standards and requires USPAP compliance for appraisers in federally related transactions.  State Appraiser Certification and Licensing Boards; federal, state, and local agencies; appraisal services; and appraisal trade associations require compliance with USPAP.  All appraisal reports must include a signed and dated certification that these UPSAP requirements have been fulfilled.  The USPAP exam must be successfully re-taken every five years to ensure familiarity with recent USPAP updates and to maintain ASA certification.  Among the many stipulations, USPAP requires that the appraiser act as a neutral, disinterested third party, who reports the facts in an unbiased manner.  These requirements comprise the "standard of care" to which all appraisers must adhere.  For information about the federal minimum standards for appraisers (USPAP) you may contact The Appraisal Foundation.