ASHEFORD INSTITUTE OF ANTIQUES APPRAISAL EXAMINATION — Plan 5
NAME________________________________________________________________________
ADDRESS_____________________________________________________________________
CITY__________________________________ STATE/PROV____ ZIP/POSTAL____________

Grade

In the following 2O questions, one of the statements is correct. Put a check in the box beside the
correct statement. Do not mark FALSE questions.

1. a) Antique appraisers are licensed and certified by the Federal government to conduct property appraisals.
b) Antique dealers may legally conduct property appraisals based on their working history and experience.
a) Appraisal “methodology” allows one to conduct any type of appraisal, regardless of product knowledge.
b) Insurance companies, require product knowledge as well as methodology when conducting appraisals.
a) Classified ads are an effective way to promote your appraisal service.
b) Sentimental consideration is an important factor in determining an opinion of value in an appraisal.
a) “Replacement Value” is the opinion given in an appraisal that is most often used for insurance purposes.
b) Bringing reference books to an appraisal is considered unprofessional.
a) Current auction prices for antiques and collectibles are a valuable tool for the appraiser.
b) Avoid listing associations that may confuse the client - historical societies, dealer associations etc.
a) Valid “comparables,” are governed by sales made within a reasonable time from the start of an appraisal.
b) “Relevant Opinions” should always be considered first before using comparables.
a) A “Certificate of Appraisal” is only required when the value item exceeds $10,000.00.
b) A “replacement value” appraisal that deals with art, usually includes a brief biography of the artist.
a) The “Sliding Scale” can show a number of different valuations for the same item.
b) Appraising porcelain requires a special methodology, that can only be taught from physical analysis.
a) “Land” can fall under the category of Personal Property, when appraised in concert with goods & chattels.
b) Appraisers can often be “bonded” through local counties and municipalities.
a) The cost quote to conduct an appraisal for a government agency is far different than that of an individual.
b) In certain cases you may have to actually defend your appraised “stated values” in a court of law.
a) Appraisers must always recognize the end-user, and any other intended clients of the appraisal.
b) Errors of “unintended” omission are acceptable when completing a final appraisal.
a) Identifying the scope of work necessary to complete an appraisal is an important initial determination.
b) Most PACC Code rules allow for a wide degree of latitude in interpretation.
a) Due diligence and care can constitute a degree of competency on behalf of an appraiser.
b) Appraisal principles valid for antiques & collectibles are also applicable to real estate valuations.
a) Rules governing appraisal principles for antiques & collectibles can vary from State to State (or Province).
b) The difference in the degree of knowledgeable professionalism can vary greatly with antique appraisers.
15. a) An “in-house” personal property appraisal should not be used for professional purposes.
b) The “retail” price in a sliding scale example is what an auction house or antique store would pay for an item.
a) Appraisal documentation should be paired down or altered at the request of the client.
b) It is necessary in developing an appraisal to ascertain the proposed use of such an appraisal by the client.
a) Appraisers must not alter their considerations of fact based on the intended use of the appraisal by the client.
b) The cost of an appraisal is directly proportional to the value of an item.

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18. a) Applying a “time-stamp” date to an appraiser’s opinions and conclusions is a recommended practice.
b) A single appraisal of an item can be used by many subsequent owners of that item for a current valuation.
19. a) The key to appraisal methodology is recognizing the number of times an item has previously been appraised.
b) The “value” held by an owner - either in whole or in part is an important element in developing an appraisal.
20. a) In extreme cases, a “best-guess” scenario is allowable for use within an appraisal.
b) Selling multiple copies of the same appraisal to different clients is an accepted practice with appraisers.
NAME & IDENTIFY:
Write down (word for word), the first three criteria of individual traits of the property being appraised that are pertinent to the rationale and proposed use of the appraisal.
1.
2.
3.
Put a check-mark in the box beside the statement that is NOT true:
1. Partial content appraisals may be conducted when an appraiser is evaluating only a section or sampling of
a complete segment. Items that are part of the “whole” may be considered on their own.
2. Partial content appraisals may not be conducted when an appraiser is evaluating only a section or sam-
pling of a complete segment. Items that are part of the “whole” may not be considered on their own.
NAME & IDENTIFY:
Write down (word for word), the two criteria that are necessary when an appraisers uses a cost analysis within an appraisal.
1.
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Please finish this sentence (word for word):
“When examining the individual parts that constitute a property, an appraiser must be careful not to….”
When conducting an appraisal that may be reviewed by the IRS or Revenue Canada, what are the six main components that they deem important: