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Welcome to another edition of the ACA
Appraiser's Update.
Once again,
this eNewsletter is chocked full of great
information for the personal property appraiser -
information that you'll find no other place than in
the ACA Appraiser's Update. Be sure to forward
this on to your appraisal colleagues. Just click on the
"Forward email" link at the bottom of this page.
Read the below story about the evolution of USPAP
into a nationally-accepted standard with which all
appraiser's should comply. Not only will doing so help
preserve the public's trust in our profession, but it
will also help you practice more
professionally. And doing so will help minimize
your legal exposure.
Speaking of legal exposure - in this issue we also
discuss whether or not an appraiser is a fiduciary. Why
is this important? Because fiduciaries have certain
duties (and liabilities) over and above those of
professionals who are not acting in the capacity of a
fiduciary.
Be sure to take notice of the below
announcement regarding the new, 76-page book by Dave
Maloney entitled The Personal Property Appraiser's
Guide to USPAP. Whether or not you have taken the
15-hour National USPAP Course, this book will be a
valuable addition to your library. Not only is it
written in plain English, but this complete guidebook to
USPAP is fully-indexed so it will make a
valuable reference guide as well.
We'll be in Baltimore presenting our 6-day, on site
complete appraisal course Appraising Personal
Property: A Core Course in Valuation Studies Featuring
USPAP June 23-28, 2009 ( more info).
We'll also be offering the 15-hour National USPAP Course
June 27th and 28th at the same location ( more info).
Come join us!
 Sincerely,
Dave Maloney and Bill Novotny
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| USPAP and the Personal Property
Appraiser |
A story of evolution and
acceptance
 From a Standard in which the
personal property appraiser felt left out to a
Standard that is taught specifically
with the personal property appraiser in mind, USPAP
has come a long way over the past two decades.
Universally-accepted and nationally-recognized as the
premier standard for all disciplines of appraising,
USPAP is extremely relevant, and USPAP compliance
by those representing that they are appraisers is
expected by the public.
Not long ago the Maryland courtroom was tense
as the opposing "appraiser" took the stand in an
attempt to be accepted by the court as an expert
witness. Only a few minutes earlier, I had been
accepted as a qualified expert witness for the
same case. In reality, though, the
other individual was not an appraiser at all.
Instead, he was a dealer who specialized in buying and
selling the type of property that was the subject
of the law suit. He might have been a experienced
dealer, but he was not an "appraiser."
My client's attorney had asked me earlier for
a list of credential-checking questions to pose to
the opposing appraiser during this voir dire. So, with
my list in his hand, he asked the would-be
expert witness, "Do your appraisals comply with the
Uniform Standards of Professional Appraisal Practice?"
Answer: "No. Don't suppose they do." Attorney: "Have you
ever heard of the USPAP standards?" Answer: "Heard
of 'em. Never read 'em." The third question posed
was, "Have you ever had any training in appraisal theory
or methodology?" Answer: "Don't need it. Been dealing in
this stuff for sixty years."
That was all the judge needed to hear. He
immediately refused to accept the
individual as an expert witness. My client's
attorney later admitted surprise at how easy
it was to disqualify the "appraiser" because of his
admitted non-compliance with USPAP. I was not
surprised. I've seen it happen before.
Read this
article about USPAP and its relevance to
our profession. Avoid situations such as the above
by learning USPAP and by applying it to your daily
appraisal
practice. |
| Q & A: Appraiser Coercion |
|
Question:
Does
USPAP require an appraiser to certify in the appraisal
report that he or she has not been coerced to provide
predetermined results?
Response:
No. However, such a statement would be
consistent with the requirements of USPAP. Standards
Rule 8-3 essentially requires the appraiser to certify
that he or she has not been coerced, without
specifically using that term. SR 8-3 requires the
appraiser to certify, among other things, that:
· my engagement in this assignment was
not contingent upon developing or reporting
predetermined results.
An appraiser would be unethical to affirm this
statement in the certification if the appraiser had been
coerced into providing predetermined assignment
results.
Excerpted from, USPAP
Q&A, © The Appraisal
Foundation
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| Is an Appraiser a Fiduciary? |
|
Being a fiduciary
has associated with it liabilities not
otherwise associated with a client-appraiser
relationship
 If deemed to be a fiduciary,
appraisers could be held liable for breaching their
fiduciary duties. But do appraisers normally perform in
the role of a fiduciary? No. Though professionals,
appraisers typically act in an arm's-length manner in
the capacity of independent contractors but not as
fiduciaries.
A fiduciary is one who has a
special relation of trust, confidence, or responsibility
in his or her obligations to others, as does a bank
trust officer, a guardian towards his minor ward, the
Executor of an estate, a company director, a lawyer
towards his client, or an agent towards
his principal (e.g., an estate liquidator or an
auctioneer.)
A fiduciary is expected to act as an
advocate for his or her client who is normally
in no position to supervise or control the actions taken
by the fiduciary on his behalf. The client must take
those actions on trust, and the fiduciary principle is
designed to prevent that trust from being misplaced.
Fiduciaries who violate that trust can be held liable
for doing so. .. more |
| Complete Course for Appraisers plus USPAP -
Baltimore, MD - June 2009 |
|
Appraising Personal Property: A Core Course in
Valuation Studies Featuring USPAP is a
unique, all-inclusive course for the personal property
appraiser designed and offered by the leaders in
personal property appraisal education, research and
publishing.
 Developed by veteran course writer
and instructor Dave Maloney, AOA CM in association with
National USPAP Course Certified Instructor Bill Novotny,
ISA AM, Appraising Personal Property: A Core Course
in Valuation Studies Featuring USPAP is a six-day,
on site, two-part comprehensive course covering
the principles and methodology that lay the
foundation for ethical, complete, reasoned, and
well-communicated value conclusions and appraisal
reports.
Part I of this course is taught by Dave
Maloney, AOA CM on days 1 through 4 and makes use of
Maloney's 416-page course book, Appraising Personal
Property: Principles and Methodology - 2nd Edition.
In Part I the student will learn the theory, principles
and methodology of professional appraising
including terminology, definitions, approaches to value,
scope of work, intended uses of appraisals, IRS
regulations, research techniques, report writing, sample
appraisals and much, much more.
Part II is the 15-hour National Uniform
Standards of Professional Appraisal Practice (USPAP)
course taught on days 5 and 6 by AQB-Certified
instructor Bill
Novotny, ISA AM, GCA. The course is designed to aid
personal property appraisers seeking competency in USPAP
and focuses on the requirements for ethical behavior and
competent performance by appraisers as set forth in
USPAP.
Complete 6-day Appraisal
Course:
15-hour National USPAP Course (personal
property version):
I cannot
remember ever taking a course, whether it was
simply for pleasure or perhaps additional training for
work, where I have gained so much knowledge in such a
short period of time. And I cannot begin to imagine
taking the Part II (USPAP) of your course without having
taken Part I (principles and methodology) immediately
prior. I simply would not have been able to pass the
Part II USPAP test without first having understood the
material presented in Part I. Your six-day appraisal
course is well designed, well presented, very
professional and highly effective. -
L.Y. |
| The Personal Property Appraiser's Guide to
USPAP by David J. Maloney, Jr., AOA
CM |
Unique 76-page
book explains USPAP in plain
English
 Finally! A plain-English
explanation of the Uniform Standards of Professional
Appraisal Practice (USPAP) designed specifically
for the personal property appraiser!
From the history of The Appraisal Foundation
and the structure of USPAP to the appraiser's USPAP
compliance obligations and even a USPAP-compliant sample
appraisal, this single, unique book has it
all.
The Personal Property Appraiser's Guide to
USPAP is a comprehensive guidebook
to USPAP that will help personal property
appraisers better comprehend USPAP's significance, the
ease with which they can comply with USPAP, and the
positive impact doing so will have on improving their
performance as appraisers as well as on maintaining the
public's trust and confidence in the profession of
appraising. $19.90 plus shipping, 8 1/2"x11",
fully-indexed, 76-pages,
softcover.
read more
preview/order |
| Appraising Personal Property: Principles and
Methodology by David J. Maloney, Jr.,
AOA CM |
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. $59.95 plus
shipping, 8 1/2"x11", 416 pages,
fully-indexed, softcover.
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