Make the following updates to your copy of the 1st printing of Appraising Personal Property: Principles and Methodology

How do I know if I own a 1st Edition? The 1st editon has a green cover. Also, look at the copyright page. The 1st Edition has a copyright date of 2007.

Care to purchase the 2nd edition rather than making changes to your 1st Edition? Previous purchasers are welcome to a 50% discount off the purchase price of the 2nd edition of Appraising Personal Property: Principles and Methodology.

• Various locations. (Make changes due to the new 2008-2009 USPAP which takes effect January 1, 2008.) Changes. (Posted 12-5-07. Updated 12-15-07.)

• Page 15: (Adds definition and discussion of "Intended User.") At mid-page just before the section entitled "Value vs. Cost vs. Price" add this text. (Posted 12-12-07)

• Page 18: (Adds a brief definition of the term "Assignment Conditions.") Near the top of the page, add this text before the section entitled "Limiting Conditions".

• Pages 26 and 27: (Enhanced discussion of "value type and definition".) At the bottom of page 26, in the section entitled "Types of Value," delete text beginning with the first line which starts with "Of paramount importance..." down to and including the sentence on page 27 which reads "In general, the appraiser is guided in his selection of the appropriate value definition by:" Replace the deleted text with this text. (Posted 12-13-07. Updated 12-15-07)

• Page 33: (Adds a discussion of "exposure time.") At mid-page just before the section entitled "Value Definitions Used by the Appraiser, add this text. (Posted 12-17-07)

• Page 34-36: (Enhances the discussion of "market value.") Replace the section entitled "Market Value" (beginning near the top of page 34 and continuing to near the bottom of page 36 with this text. (Posted 12-17-07)

• Page 36 and 37: (Modifies the comparison between market value and fair market value.) At the bottom of page 36 replace the first and second paragraphs under the section entitled "Fair Market Value". The second paragraph continues at the top of page 37. Replace the two short paragraphs with this text.

• Page 66: (Adds a discussion of the inspection process and points out that the appraiser need not always conduct a personal inspection.) At the lower third of the page, just before the section entitled "Objectives of an Appraisal," add this text. (Posted 12-4-07. Updated 12-11-07.)

• Page 109: (IRS does not require that the appraiser personally inspect property for federally-related appraisals.) Immediately before the section entitled "Noncash Charitable Contribution Appraisals" insert this text. (Posted 12-3-07)

• Page 119: (Adds IRS guidelines for descriptive information to be included in donation appraisals of works of art.) Just before the 2nd paragraph which begins with "For more information..." add this text. (Posted 12-3-07)

• Page 137: (Adds an expanded discussion of a "multi-market, multi-value appraisal.") Towards the bottom of the page just before the paragraph beginning with "The nature of the property..." add this text. (Posted 12-19-07)

• Page 151: (Expands explanation of the term "effective date of the appraisal".) Replace the last paragraph with this text. (posted 12-13-07)

• Page 159: (Adds another common example of a hypothetical condition which would result in a hypothetical appraisal.) Just before the last paragraph add this text. (Posted 12-12-07)

• Page 165: (Use scope or work to explain why personal inspection not conducted when using photographs instead.) Delete the two paragraphs below mid-page. One begins "In addition, when using photographs..." The second is the italicized paragraph beginning "I have not made a personal inspection...". Replace both paragraphs with this text. (Posted 12-3-07)

• Page 168: (Adds sample disclosure statements for three online appraisal scenarios.) Add this text to the bottom of page 168. (Posted 12-3-07)

• Page 221: (Expands on the definition of "Appraisal Practice.") Replace the third and last paragraph (begins with "While valuation services...") in the section entitled "Appraisal Practice" with this text. (Posted 12-13-07)

• Page 224: (Adds an illustration and explanation to better understand the appraiser's obligations to comply with USPAP.) At mid-page just before the section entitled "Appraisal Report Options, add this text. (Requires Adobe Reader). (Posted 12-19-07)

• Page 266: (Adds caution to always print out resource evidence located on the Internet.) Replace the first paragraph in the section entitled "Internet Web Search Tools" with this text. (Posted 12-3-07)

• Page 269: (Enhances the understanding of the term "significant personal property appraisal assistance.") Replace the entire section entitled "Documenting Significant Professional Assistance" with this text. (Posted 12-3-07. Updated 12-19-07)

• Page 308: (Adds discussion regarding emailing report not violating appraiser/client confidentiality.) Replace the section entitled "Delivering the Appraisal Report" with this text. (Posted 12-12-07)

• Page 308: (Expands the discussion of appraisal updates.) Replace the section towards the bottom of the page entitled "Appraisal Updates" with this text. (Posted 12-19-07)

• Page 309: (An enhanced discussion of workfiles adds points of discussion regarding electronic workfiles and the purging of a workfile at client's request.) Replace the entire section entitled "Workfiles" with this text. (Posted 12-12-07)

• Miscellaneous minor edits (Posted 12-3-07)