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Welcome to another edition of the ACA
Appraiser's Update.
We offer our congratulations to Todd Sigety,
ISA CAPP, for his development of the new Journal of Advanced Appraisal
Studies (see below article), and we
are pleased to have been able to contribute an article
of our own to its inaugural
edition. You can purchase a copy of the
Journal for yourself, and we recommend
you do.
As we become more technically proficient, many
appraisers are opting out of preparing traditional
paper appraisal reports. Instead, they
now prefer to prepare, send and store
reports (with embedded digital images)
electronically. Below we discuss this option including
related USPAP guidance, the need for making use of
electronic signatures and even some how-to videos
showing two common methods of adding electronic
signatures to your appraisal reports.
By the way, you are welcome to email
us with your personal property related
appraisal comments or questions. We'll share our
replies in future editions of the ACA
Appraiser's Update as space allows.
Be sure to check-out our past
e-newsletters for other great appraisal and USPAP
related tips, news, announcements and suggestions.
 Sincerely,
Dave Maloney and Bill Novotny
Appraisal
Course Associates
P.S. To ensure proper delivery of our emails, will
you please click on the "Update Profile/Email Address"
link at the bottom of this page to make sure we
have your correct name and email address? And be sure to
add our email address info@appraisalcourseassociates.com
to your Safe Senders list.
Thanks! | |
| Making Use of Electronic
Signatures |
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Electronically transmitted reports
require e-signatures
 Given the ease, convenience and
usefulness of transmitting appraisal reports
electronically, more and more appraisers are opting to
do just that in lieu of mailing signed paper reports to
their clients. The Uniform Standards of Professional
Appraisal Practice (USPAP) contain some requirements and
provides guidance for appraisers who choose to deliver
their appraisal reports electronically. Included is
information on how to handle electronic appraiser
signatures both within the appraisal report that is
delivered to the client as well as within its "true
copy" that USPAP requires be stored in the assignment
workfile.
In this
article, we discuss USPAP's requirements and
guidance when using e-signatures, and we even include
some video clips explaining how to "sign"
documents electronically.
We also suggest including the
following declarative statement in
electronically-transmitted appraisal
reports that make use
of e-signatures:
This
appraisal report has been transmitted electronically to
my client and includes my signature in electronic form.
I affirm that I maintain sole personal control over the
use of the electronic signature appended hereto.
Electronically affixing my signature to this report
carries the same level of authenticity and
responsibility for this report's content, analyses and
conclusions as would appending an original ink signature
on a paper copy of this report.
 Here is an
example (if asked, choose OK to download) of a
.PDF document that has been digitally signed by the
appraiser using Adobe Acrobat Standard. Note
that upon the document opening, you are informed
that its Certification is valid, and that
the document has not been tampered
with.
 Here is
an example (if asked, choose OK to download)
of a .PDF document that has had an unauthorized
modification made
(the word " not" has been
added towards the bottom.) Note that when opened the
document's Certification is immediately and clearly
declared to be invalid.
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| Q & A: Electronic Copies of
Reports |
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USPAP's FAQ addresses
electronic report and workfile
storage
 As a follow-up to the above article
on electronic signatures, note that in the 2008-2009
edition of USPAP, two Frequently Asked Questions (#57
and #58) address issues relating to electronic
reports.
57. Electronic workfile storage
Question: Recently I
have considered maintaining only electronic workfiles
(i.e., saving only electronic versions of my reports
and
supporting data, and scanning any paper documents used
so that copies may be stored on electronic media).
Is this prohibited by
USPAP?
Response: No. There
is nothing in USPAP that would prohibit an appraiser
from maintaining only electronic versions of
workfiles. The Record Keeping section of
the ETHICS RULE states, in part:
The workfile must
include:
- the name of the client and the identity, by
name or type, of any other intended users;
- true copies of any written reports, documented
on any type of media;
- summaries of any oral reports or testimony, or
a transcript of testimony, including the appraiser's
signed and dated certification; and
- all other data, information, and documentation
necessary to support the appraiser's opinions and
conclusions and to show compliance with this Rule and
all other applicable Standards, or references to the
location(s) of such other documentation.
As long as an electronic workfile contained these
items, it would be sufficient.
An appraiser must also be mindful of the
requirement to have access to the workfile for the
applicable required time period. The appraiser
must ensure that the proper software is maintained to
allow access to the electronic files.
58. Paper Copies of Electronically
Transmitted Reports
Question: Are appraisers required
by USPAP to retain a paper copy of electronically
transmitted appraisal
reports?
Response: No. The
Record Keeping section of the ETHICS RULE requires
appraisers to prepare and retain written records of
appraisal, appraisal review, and appraisal consulting
assignments. However, the Comment states:
A photocopy or an electronic copy of the
entire actual written appraisal, appraisal review, or
appraisal consulting report sent or delivered to a
client satisfies the requirement of a true copy.
Therefore, a paper copy is not required.
Excerpted from, USPAP 2008-2009 Edition ©The
Appraisal
Foundation |
| ACA's Maloney and Novotny Contribute to New
Journal for Appraisers |
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Article focuses on
USPAP and its applicability to the personal property
appraiser.
 The International Society of
Appraisers (ISA) Education Foundation, a non-profit
organization dedicated to the advancement of education
related to the personal property appraising field,
recently published its inaugural edition of the
Journal of
Advanced Appraisal Studies. Now available for
purchase, this unique, annual, peer-reviewed journal is
written specifically for personal property appraisers.
The content includes original research articles, reviews
and topical discussions of professional appraisal issues
and concerns from a variety of perspectives, theories
and approaches. Editor Todd Sigety, a
Certified Member of the ISA, is to be commended for
originating the idea of the Journal and for
seeing it to completion.
"This first issue of the Journal of Advanced
Appraisal Studies includes an article
by Appraisal Course Associates' educators and
appraisers Dave Maloney and Bill Novotny on
the importance and development of USPAP. Their
article contains timely information and important
concepts applicable to all personal property
appraisers," said Sigety. "Their
article discusses the significance of USPAP
including ethics and appraisal performance within the
appraisal process, and it leads the reader through
numerous complex USPAP rules and standards. In my
opinion, the article is a must-read for the personal
property appraiser," he continued.
"We are pleased to have had the opportunity to
contribute to the first edition of the
Journal," said Novotny. "The Journal
strives to overcome the present shortage of
published academic writings for the personal property
appraiser, and we wish it continued success," added
Maloney. |
Complete Course for Appraisers:
Baltimore,
MD June 13-18, 2008 |
| "Appraising Personal
Property: A Core Course in Valuation Studies Featuring
USPAP" is a unique, all-inclusive course for the
personal property appraiser.
 Developed by veteran
course writer and instructor Dave Maloney, AOA CM in
association with National USPAP Course Certified
Instructor Bill Novotny, ISA AM, GCA, Appraising
Personal Property: A Core Course in Valuation Studies
Featuring USPAP is a six-day, on-site comprehensive
course covering the theory, principles and methodology
that lay the foundation for ethical, complete, reasoned,
and well-communicated value conclusions and appraisal
reports.
-
Date: June 13-18,
2008
(Register by May 9, 2008 to avoid
late fee
-
Place: Ramada Inn BWI Airport,
Hanover, MD
-
Cost: $900 plus text books
-
|
| "Appraising Personal Property: Principles and
Methodology" 2nd Edition Now Available |
|
This
first-ever book for personal property appraisers covers
appraisal principles and methodology including
terminology, approaches to value, research, ethics,
sample appraisals and much, much
more.
 "Appraising Personal
Property: Principles and Methodology - 2nd Edition" is
the only complete, well-organized, practical and
fully-indexed course book and reference guide to
personal property appraising. Written with the Uniform
Standards of Professional Appraisal Practice (USPAP) as
its foundation, this book is unique. There is no other
book or course of instruction that provide such a
thorough grounding in the fundamentals of personal
property appraising. This course book will teach you the
appraisal theory, principles, practices and methodology
associated with preparing professional appraisal
reports.
"For all of you who
have emailed me over the years asking how to become an
art appraiser (or an appraiser of antiques,
collectibles, jewelry, furniture, decorative arts, and
so on), I now officially have the answer.
Appraising Personal Property: Principles and
Methodology by David J. Maloney, Jr. is a
complete course book and reference guide not only for
anyone who wants to learn how to appraise personal
property, but also as a refresher course for those who
already do." - Alan Bamberger
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