FAIR Buyer Guidance

Fair Market Value Appraisal Checklist: Questions to Ask Before You Hire

Direct answer

Before hiring a fair market value appraiser, confirm the assignment purpose, valuation date, property category, independence, report scope, and fee model in writing. Fair market value is only useful when the appraiser can explain the market evidence and reviewer expectations behind the conclusion.

  • Match the appraiser to the item category.
  • Confirm the report purpose before pricing.
  • Compare fee disclosure before outreach.
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Fair Market Value Appraisal Checklist: Questions to Ask Before You Hire - FAIR online appraisal guide illustration
Fair Market Value Appraisal Checklist: Questions to Ask Before You Hire - FAIR online appraisal guide illustration
Decision guide

When checklist work prevents rework

Checklist pages are meant to improve the intake file. Better photos and notes help the appraiser decide scope, risk, and whether a formal report is justified.

When checklist work prevents rework
Situation Formal appraisal? Why it matters
You are still identifying the object Prepare first Photos, measurements, marks, condition notes, and provenance can change the next step.
The item may be valuable or disputed Often yes Condition, authenticity, completeness, and market evidence can materially affect value.
You only need better intake photos Not yet Use the checklist before asking for a quote so the appraiser can scope accurately.
Start with purpose

Fair market value is a value basis, not a generic price estimate. The appraiser should know why the report is needed before discussing value.

  • Ask whether the report is for estate, probate, donation, gift tax, divorce, equitable distribution, litigation, advisory review, or another named purpose.
  • Confirm intended users: executor, CPA, attorney, court, donor, donee, spouse, or family decision-maker.
  • Do not treat fair market value, insurance replacement value, auction estimate, and resale advice as interchangeable.
Confirm the valuation date

The effective date can change the evidence. A date-of-death value, donation-date value, current planning value, and litigation date may use different comparables.

  • Ask whether the assignment is current, retrospective, or tied to a filing, contribution, death, separation, or court date.
  • Confirm comparable evidence will be selected and explained against that date.
  • Share prior reports as background, but ask whether they still fit the required date and value basis.
Match the property category

A defensible fair market value opinion depends on category competence and the right market level.

  • Ask about recent experience with fine art, antiques, furniture, jewelry, silver, books, archives, textiles, collectibles, or household contents.
  • For mixed estates or collections, ask which categories the appraiser handles directly and which need a specialist.
  • For high-value or attribution-sensitive property, ask how condition, provenance, authenticity assumptions, and comparables will be handled.
Screen independence

Fair market value work should be independent from the desired number, tax result, settlement position, or sale outcome.

  • Ask whether the appraiser buys, sells, brokers, consigns, or receives referral fees connected to the property.
  • Avoid fees tied to appraised value, deduction amount, tax result, sale outcome, loan result, or settlement result.
  • Keep valuation work separate from purchase offers, consignment advice, advocacy, and transaction incentives.
Check report and fee terms

The report and quote should be understandable to the intended reviewer without reconstructing the assignment from emails.

  • Ask whether the report will state intended use, intended users, value basis, valuation date, scope, assumptions, limiting conditions, methodology, evidence, and certification.
  • Clarify whether the fee is flat, hourly, per item, collection-based, or adjusted for research, inspection, travel, rush timing, or complexity.
  • Compare appraisers only after each has the same item count, deadline, property category, intended use, and document packet.
Common questions
  • What is the first question to ask a fair market value appraiser? Ask what intended use and valuation date the report will support. Those facts shape the evidence, report language, and reviewer expectations.
  • Is fair market value the same as insurance replacement value? No. They answer different questions and can produce different conclusions. Confirm the required value basis before hiring.
  • Should the appraisal fee be based on final value? No. Use a non-contingent fee that does not depend on the value conclusion, sale result, tax outcome, deduction amount, or settlement position.
  • Can an online appraisal support fair market value? Sometimes. Strong photos and records can support some online assignments, but condition-sensitive, authenticity-sensitive, high-value, or reviewer-sensitive property may need inspection.
  • How can FAIR help before I hire? FAIR helps buyers review fee transparency, specialty fit, report-purpose fit, and directory or match options for art, antiques, and personal property appraisal needs.
Related FAIR paths
FAIR trust boundary and source references
  • FAIR does not license appraisers.
  • FAIR does not certify competence or guarantee availability.
  • Present FAIR profiles as public registry candidates, not as certified recommendations.
  • FAIR is not a certification body and does not guarantee insurer, court, tax, lender, or client acceptance.
  • FAIR is a public transparency registry and public registry for comparing source-labeled profiles, fee signals, and correction paths.
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