What is the first question to ask a fair market value appraiser?

Ask what intended use and valuation date the report will support. Those two facts shape the value basis, evidence set, report language, and reviewer expectations.

Is fair market value the same as insurance replacement value?

No. Fair market value and insurance replacement value answer different questions and can produce different conclusions. Confirm the required value basis before hiring.

Should the appraisal fee be based on the final value?

No. A fair market value appraisal should use a non-contingent fee that does not depend on the value conclusion, sale result, tax outcome, deduction amount, or settlement position.

What should a fair market value report include?

It should identify the intended use, intended users, valuation date, value basis, scope, assumptions, property description, condition, methodology, evidence, and signed certification appropriate to the assignment.

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 in-person inspection.

How many appraisers should I compare?

Compare at least two qualified candidates when timing allows, but compare them on the same scope, property category, valuation date, report deliverable, timeline, and fee assumptions.

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.

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

Direct answer

Before you hire a fair market value appraiser, ask whether the assignment purpose, valuation date, value basis, property category, independence, report scope, and fee model are all clear in writing. A fair market value appraisal 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.

Question 1: What purpose will the fair market value report support?

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

Ask whether the report is for estate, probate, charitable donation, gift tax, divorce, equitable distribution, litigation, advisory review, or another clearly named purpose.
Confirm the intended users, such as an executor, CPA, attorney, court, donor, donee, spouse, or family decision-maker.
Avoid any quote that treats fair market value, insurance replacement value, auction estimate, and resale advice as interchangeable.

Question 2: Which valuation date will be used?

The effective date can change the evidence set. A retrospective estate value, donation-date value, current planning value, and litigation date may not use the same comparable sales.

Ask whether the assignment is current, retrospective, or tied to a specific filing, contribution, death, separation, or court date.
Confirm that comparable evidence will be selected and explained against that valuation date.
Share prior reports or insurance schedules as background, but ask whether they are still relevant to the required date and value basis.

Question 3: Does the appraiser match the property category?

A defensible fair market value opinion depends on category competence. The appraiser should understand the market level where the property would reasonably transact.

Ask about recent experience with your property type: 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 should be referred to a specialist.
For attribution-sensitive or high-value property, ask how authenticity assumptions, condition, provenance, and market comparables will be handled.

Question 4: How is independence protected?

Fair market value work should be independent of the desired number, tax result, settlement position, or sale outcome. Conflicts should be disclosed before engagement.

Ask whether the appraiser buys, sells, brokers, consigns, or receives referral fees connected to the property category.
Reject any fee tied to the appraised value, donation deduction, tax outcome, sale result, loan result, or negotiated settlement.
Keep valuation work separate from purchase offers, consignment advice, advocacy, and any party with a financial interest in the conclusion.

Question 5: What will the written report include?

A fair market value conclusion should be reviewable by the intended users without reconstructing the assignment from emails.

Ask whether the report will state intended use, intended users, value basis, valuation date, scope of work, assumptions, limiting conditions, and signed certification.
Confirm that item descriptions, photos, condition notes, provenance, market evidence, methodology, and comparable-sale reasoning will be included when appropriate.
Request a redacted sample or outline if a CPA, attorney, court, executor, donor, or other reviewer will rely on the report.

Question 6: What fee model and add-ons should be expected?

Fee transparency is part of buyer safety. You should know what the quote covers before the appraiser starts research.

Ask whether the fee is flat, hourly, per item, collection-based, or adjusted for research complexity, inspection needs, travel, or rush timing.
Clarify what is included in intake, inspection, comparable research, report writing, revisions, certification, and advisor follow-up.
Compare appraisers only after each candidate has the same item count, deadline, property category, intended use, and documentation packet.

Question 7: What should you prepare before intake?

A clean packet helps the appraiser quote accurately and reduces the chance that the report misses facts a reviewer expects.

Gather photos, measurements, signatures, labels, marks, condition notes, provenance, purchase records, prior appraisals, invoices, exhibition history, and publication references.
List whether the assignment covers one object, grouped items, a collection, household contents, or an estate inventory.
Share deadlines, valuation date, advisor contact rules, inspection access, and any filing or court instructions before work begins.

How to compare the answers

The safest appraiser will define purpose, date, category fit, independence, report depth, timeline, and fee terms before accepting the assignment.

Favor written scope clarity over the lowest headline price.
Treat vague report promises, contingent fees, or sales incentives as reasons to slow down.
Use FAIR directory and match paths when you need fee-transparent routing for art, antiques, and personal property assignments.

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 two facts shape the value basis, evidence set, report language, and reviewer expectations.
Is fair market value the same as insurance replacement value? No. Fair market value and insurance replacement value answer different questions and can produce different conclusions. Confirm the required value basis before hiring.
Should the appraisal fee be based on the final value? No. A fair market value appraisal should use a non-contingent fee that does not depend on the value conclusion, sale result, tax outcome, deduction amount, or settlement position.
What should a fair market value report include? It should identify the intended use, intended users, valuation date, value basis, scope, assumptions, property description, condition, methodology, evidence, and signed certification appropriate to the assignment.
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 in-person inspection.
How many appraisers should I compare? Compare at least two qualified candidates when timing allows, but compare them on the same scope, property category, valuation date, report deliverable, timeline, and fee assumptions.
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