Federal Wine Appraisers Laws
On August 17, 2006 U.S. Congress passed the Pension Protection Act or PPA (P.L. #109-280 Stat. 708 ) which further amended Section 1219 of the PPA in setting up new definitions and requirements outlining what is a “Qualified Appraisal” and who is a “Qualified Appraiser” as recognized by the Internal Revenue Service (IRS) and the U.S. Department of Treasury. This law was further clarified in the subsequent IRS Notice 2006-96.
According to federal law [ Uniform Standards of Professional Appraisal Practice (USPAP)] it is a violation of appraisers to charge you a percentage of the value of the item(s) being appraised! This is the best way for you to spot an individual who is not an appraiser, or who is fraudulently claiming to be a certified appraiser. All legitimate appraisers work on either an hourly rate or on a flat fee basis only and have passed their USPAP exam and are subsequently registered with the Appraisal Foundation in Washington D.C.
Do it right the first time and invest your money wisely in the services of a professionally qualified appraiser.