A “FULL” appraisal is one that includes an inspection of the aircraft and a review of its historical maintenance records. This inspection is aimed solely at determining the overall condition of the aircraft and its records to support the value opinions of the appraiser. An appraisal is not a pre-purchase inspection and would not, for example, include an opening of inspection panels on the aircraft or a detailed review of all historical maintenance record archives.
A full appraisal provides a value that is most accurate and includes adjustments from a mid-time, mid-life baseline to account for the actual maintenance status of the aircraft, adjustments from an “average” physical condition airplane and other characteristic adjustments (both adding and/or subtracting value) to reflect the findings of the inspection of the aircraft and its associated records.
In some appraisal assignments (to reduce appraisal costs), the maintenance and historical records are not reviewed and merely assumed as in compliance with internationally recognized standards. This type of appraisal is most often associated with determining an opinion of Current Fair Market Value and can include Hypothetical assumptions where appropriate.