Fair Market Value Appraisal
A fair market value appraisal is primarily used for estate evaluation purposes. It is an assessment based on what a willing buyer & seller would agree to without a forced sale.
An appraisal of this nature researches the most common market where the item being appraised would sell for & documents prices for the item, or similar items. Researching values for these items is more involved & detailed and requires a greater amount of time to prepare than a retail replacement appraisal.
Other types of appraisals include collateral appraisal, liquidation appraisal, comparison appraisal, divorce appraisal, donation appraisal, customs appraisal, as well as other more specialized appraisals. Each of these appraisals targets a specific application & each is researched differently.