Appraisals
Appraisal hourly rate per Appraiser	$175
Research Hours	$175
Verbal Consultation Hours	$175

Court fees
Deposition, Per Hour including waiting & travel	$175
Court half day - minimum (4 hours)	$700
Court full day (8 hours)	$1,400
Additional court or hours in a day billed 1.5 times hourly rate Out of pocket charges are re-billed at cost

Please note: Minimum charge for services is 2 hours. A retainer is always required prior to start of appraisal project.

Charges: Charges include travel time from our door to yours or your representative's office/court and the return journey. Clients should note that for every hour spend on-site, 2-3 hours of off-site research and report writing is needed.

Currency: Projects performed outside the US are billed in Euros or Sterling at the aforementioned rates: for example in the UK a Generalist Appraiser hour would be charged at £150 and in a Euro-currency country at €150.

Advance payments: In addition to project retainers, certain projects including Deposition or Court time is payable in advance. Projected out-of-pocket expenses are payable in advance.

Credit: We do not give credit. Invoices are due when presented.

Invoicing: We invoice an initial deposit of 33% of the project estimate, 33% midway through the project, and the balance on delivery of the final appraisal or project completion.

Cancellations or rescheduling: 48 hours notice is required for changed or cancelled appointments, deposition or court appearances. Full fee applies for any same day cancellations or reschedules that do not adhere to the 48 hour rule, clients agree to these terms in hiring Parker Schofield Inc.

Legal costs and jurisdiction: Clients are liable for all legal and collection fees. All Parker Schofield Inc. legal matters are in the jurisdiction of Palm Beach County in the State of Florida.

How we work:

1. We provide an initial consultation to provide a scope of work based upon our client's or their agent's brief.

2. A letter of agreement with a proposal, our fee structure and cost estimate, and our contract is sent to our client or their agent for signature.

3. Upon our receiving a signed copy of the letter of agreement, we provide a calendar outlining when the work will be carried out with an estimated completion date.

4. This is followed by fieldwork during which time we visit the clients property where we review and analyze the items needed to complete the appraisal. This includes taking work photographs and recording a full examination of the project items on which we are working.

5. Afterward, or concurrently depending on time pressure, we investigate the property for authenticity, seek a defined value by researching current or past sales of the same or similar items in industry recognized forums and media.

6. Typically for every hour we spend in the field with our client's property, we spend an additional two to three hours in our offices researching.

7. A detailed report is written providing full item descriptions noting the sources used and the value attained. This is presented to the client as the product of our contract.

8. Our reports are written to USPAP standards and are designed to be presented and defended, should the need arise, in a US court of law.

Important:

• All of our work is carried out by industry specialists.

• As appraisers were are, by law and USPAP regulations, advocates of no one, of no party nor of our clients nor their agents. We are advocates only to the work that we produce. On occasion clients are disappointed with the values reported as they expect higher or lower values. The values that we provide are those that are attained from the market place using clearly defined industry approved methodology. These values are subject to change from market forces upward or downward over time.

• Client recourse in the event of disagreement on reported values is to hire an appraisal reviewer who will review our work and provide the client with an independent report on our appraisal for a separate fee.

• We are obliged to keep the client’s appraisal and work-file for five years after which time they are destroyed by fire.

In accordance with USPAP*:

1. In appraisal practice, an appraiser must not perform as an advocate for any party or issue. An appraiser may be an advocate only in support of his or her assignment results.

2. An appraiser must not accept an assignment that includes the reporting of predetermined opinions and conclusions.

3. It is unethical for an appraiser to accept an assignment, or to have a compensation arrangement for an assignment, that is contingent on any of the following:
    

   • the reporting of a predetermined result (e.g., opinion of value);

   • a direction in assignment results that favors the cause of the client;

   • the amount of a value opinion;

   • the attainment of a stipulated result; or

   • the occurrence of a subsequent event directly related to the appraiser’s opinions and specific to the assignment’s purpose.
      

4. CONFIDENTIAL INFORMATION: information that is either:
    

   • identified by the client as confidential when providing it to an appraiser and that is not available from any other source; or

   • classified as confidential or private by applicable law or regulation§.

§ NOTICE: For example, pursuant to the passage of the Gramm-Leach-Bliley Act in November 1999, some public agencies have adopted privacy regulations that affect appraisers. As a result, the Federal Trade Commission issued a rule focused on the protection of “non-public personal information” provided by consumers to those involved in financial activities “found to be closely related to banking or usual in connection with the transaction of banking.” These activities have been deemed to include “appraising real or personal property.” (Quotations are from the Federal Trade Commission, Privacy of Consumer Financial Information; Final Rule, 16 CFR Part 313. (* USPAP - Uniform Standards of Professional Appraisal Practice)

Court testimony: It is understood and agreed that if the appraiser is required to give court testimony or make any such statements to any third party concerning the described property or appraisal, client shall pay appraiser for all of such time and services so rendered at the appraiser's then current rates for such services with the estimated fee paid in advance to the appraiser before any testimony. Out of pocket expenses and third party expenses including appraisers own legal advice and services - if needed - shall be billed to the client at cost and paid in advance.

Financial responsibility by Parker Schofield Inc and their consultants for appraisal valuation reports shall be limited to the fees rendered less expenses.

Estate appraisal reports have been designed to follow the guidelines set forth by the I.R.C. Section 20.2031-1(b) for reporting personal tangible property under Federal Estate Tax Return #706, Schedule F.

Donation appraisal reports have been designed to follow the guidelines set forth by the I.R.C. Temporary Regulations Section 1.170A-1(c)(2) for reporting non-cash charitable contributions for values in excess of $5,000.00. Section B, Parts II & III of Form 8283 will be completed and included. Donation appraisals must be completed within 60 days prior to the date of contribution of the property and must be received by the donor before the due date (including extensions) of the return on which the deduction is first claimed.