What does an appraisal of personal property provide?

An appraisal of personal property provides an opinion of value that is typically not required to be made by a certified appraiser. The main purpose of an appraisal is to estimate the value of the personal property based on various factors such as its condition, market demand, and comparables. While some appraisals are conducted by certified appraisers, it is not a strict requirement for an opinion of value to be considered valid. This allows for a range of appraisals to exist, with varying degrees of expertise and certification, making it accessible for individuals and businesses seeking to understand the worth of their personal property without necessarily engaging a certified professional.

Other options mention concepts that do not align with the primary purpose of an appraisal, such as providing a legal definition or guaranteeing a value, which are outside the scope of appraisal practices.