Buying or selling an aircraft sounds like a good time to consult with an appraiser. However, owning an aircraft can also be a good reason to enlist the services of the National Aircraft Appraisers Association. Suppose you needed to prove the worth of your plane, as for an insurance company; having a recent appraisal by an accredited appraiser gives you proof of what your aircraft is and its condition. When you consider that the average age of an aircraft is more than three times the average age of an automobile, it is understandable why an aircraft appraisal proclaiming the condition of a plane is valuable. Such an appraisal shows not only the make, model and year, but also a study of the aircraft maintenance, aircraft engine maintenance and history.
The NAAA appraisal is not just a number that is copied from a book or set of records, but a professional certified opinion of the retail value of your aircraft.
To become a member and NAAA-accredited appraiser, an applicant must prove familiarity with aircraft and be accepted as a representative of the organization. There are three ways to qualify to become an appraiser: the first is to possess a minimum of 1500 hours flying time and have a commercial pilot certificate with instrument and multiple engine ratings. A management background is considered an asset. Secondly, two years minimum working as an A&P mechanic, not including time spent in school. The third pathway to application acceptance is to be able to prove at least three years as an aircraft salesperson for a recognized aircraft sales organization in writing from the organization(s). Claiming to be a self-employed aircraft broker for three years does not qualify.
It is not easy to qualify and be accepted as a member of this group; that is why they are accepted by many high-profile entities. There are a number of other sources for appraisals, but an appraisal is nothing but an opinion. In order for an opinion to have value, the source of the opinion must be something that can be trusted. The NAAA works to ensure their database and computer programs are up to date, and that the members accessing and utilizing those programs are the highest qualified persons available to provide an opinion that has merit. They could be a much bigger organization that sells the software to many individuals, but at the cost of the value of the certification.
We will conclude with part 2 and talk about what you need to know when an aircraft appraisal is done. Until then, Happy Flying!
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