| Appraisal: An estimate of the quantity, quality or value of something. The process through which conclusions of property value are obtained; also refers to the report that sets forth the process of estimation and conclusion of value. | |
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| American Society of Appraisers (ASA): The American Society of Appraisers is an organization of appraisal professionals. Each individual seeking accreditation from the American Society of Appraisers must furnish professional and personal references and be subject to local credit and background investigations. In addition, local chapters conduct personal interviews and evaluate the practices of all applicants. Charitable Donation: An outright gift or contribution, with charitable intent, the value of which is deductible pursuant to federal and state income and estate/inheritance tax laws. | |
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| Condition(ASA): Refers to the physical state of the property as it relates to giving the expected results. Condition takes into consideration normal wear and tear, repairs, alterations, completeness, restorations, and conservation. | |
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| Equitable Distribution: A fair division of marital property in a dissolution of marriage case. | |
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| Executor: An individual or institution nominated in a will and appointed by a court to settle the estate of a deceased. | |
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| Expert Witness: Is a person who by reason of education or special training and experience possesses specialized knowledge in a particular subject area. | |
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| Fair Market Value: The fair market value is "the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having knowledge of relevant facts. |  |
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| Gemologist: One who has successfully completed recognized courses of study in gem identification, grading and pricing, as well as diamond grading and appraising. | |
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| International Society of Appraisers (ISA): The ISA is a professional association that requires the successful completion of course work and examinations for their Certified Members. The ISA has developed and currently offers appraisers the most comprehensive personal property educational program in America. This program is based on a standardized body of knowledge, education and testing. | |
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| Personal Property: Any tangible or portable objects which are considered by the general public as being "personal", e.g. furnishings, artwork, antiques, gems and jewelry, collectibles, machinery and equipment; all property that is not classified as real estate. | |
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| Porcelain: white, hard, permanent, nonporous pottery having translucence, which is resonant when, struck. Porcelain was first made by the Chinese to withstand the great heat generated in certain parts of their kilns. The two natural substances used were kaolin, also known as china clay, white clay free of impurities that melts only at very high temperature, and a feldspar mineral called petuntse that forms glassy cement, binding the vessel permanently. In Europe porcelain was first commercially produced (1710) in Meissen, Germany. Most of the European porcelain is soft paste (made from clay and an artificial compound such as ground glass) and is not as strong as the Chinese hard-paste porcelain. Important European centers for porcelain are Bow, Chelsea, Worcester, Staffordshire, Vienna, Meissen, Sèvres, Limoges, and Rouen. | |
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| Probate: The process that transfers legal title of property from the estate of the person who has died. A probate is the court process in which a deceased person’s estate is administered, whether the person died with or without a will. The process includes appointment of an executor or a representative of the estate, notifying the creditors, inventorying the estate, and distributing the estate according to the deceased person’s will or according to the law if there is no will. | |
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| Provenance: The origin and history of ownership or the source of an object including its past ownership, exhibitions showing the item, literature mentioning the particular property, etc. | |
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| Replacement Value – Comparable: The price required to replace a property with a comparable property to satisfy the description or use of the property to be replaced. Extraneous characteristics (similar age, origin, appearance, provenance, & condition, etc.) and anticipated costs are taken into consideration. | |
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| Replacement Cost New: The cost to replace property with a substitute which is new, using modern materials, techniques, and standards which, however, satisfy the description or use of the replaced property. | |
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| Replacement Value – Reproduction Cost: The price required to replicate a property at current costs, using similar materials and the same level of craftsmanship, in order to satisfy the description or use of the property to be replaced. | |
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| Reproduction Value: Also referred to as reproduction cost, is the total cost of construction an exact replica by a qualified artist or craftsman, using the same materials and construction techniques as the original. | |
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| Salvage Value: The amount that can probably be obtained from a damaged item or for the components of the item. | |
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| Valuation: The process of determining monetary worth based upon the past exchange of such items in the market place. | |
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| Value: The monetary worth which an informed purchaser would offer in exchange for an item of personal property taking in consideration a given market condition (i.e. within a given market at a specific point in time). | |
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