Make the following updates to your copy of the 2nd Edition of Appraising Personal Property: Principles and Methodology

You can print out an MSWord2003 booklet containing all the below improvements here in one place. You can make the minor edits by hand. For the more substantial changes, you can either cut and tape the changes into your book, or highlight the location of the changes in your book and reference this booklet.

• Page 8. (Repeat Lesson 7 statement that personal property appraisers need not be licensed/certified by the state.) Make this change. (Posted 5-9-08)

• Page 13. (Addition of time frame for comparable sales.) Make this change. (Posted 5-9-08)

• Page 18. In fourth paragraph from bottom change "of bona fide asking prices" to "or bona fide asking prices". (Posted 5-8-08)

• Page 37. Towards the bottom of the page and just before the last paragraph, add the following paragraph: "Accordingly, if the disclosure of exposure time is necessary for intended users to understand the report, then this "reporting requirement" would necessitate the inclusion of an appropriate discussion of exposure time." (Posted 5-13-08)

• Page 69. Change fourth paragraph to read "Present worth calculations are associated with the income approach to value — an approach seldom used by the personal property appraiser. It is an approach to value more often used by the business valuator. (See section entitled “Income Approach” in Lesson 3 for further discussion.)" (Posted 5-11-08)

• Pages 93, 381. (Clarifies the use of the cost approach for certain items of appreciable property.) Make this change. (Posted 6-18-08)

• Page 95. (Add present worth formula example.) Make this change. (Posted 5-9-08)

• Page 100. Change first sentence in fourth paragraph to read "Describe in detail all preexisting damages or lack thereof whether or not acknowledged as such by the shipper." (Posted 5-10-08)

• Pages 124, 125, 128, 291, 342. (Addition of improved sample Declaration of Appraiser to comply with Pension Protection Act 2006; minor edits to accommodate this change and improve text structure.) Make these changes. (Posted 3-21-08)

• Page 133. Change the first sentence in the section entitled "Certification of Appraiser" to read: "Section B, Part III of Form 8283 (The Certification of Appraiser) must be completed and signed by a qualified appraiser." (Posted 5-11-08)

• Page 144. Change third paragraph from the bottom to read "Formulas are available for calculating the present worth of an investment property. Typically, it is accountants and business valuators who prepare this type of appraisal as opposed to the personal property appraiser. (See section entitled “Income Approach” in Lesson 3 for further discussion.)" (Posted 5-12-08)

• Page 148. (Improve section entitled "As Valorem Propety Tax Appraisals") Make this change. (Posted 5-15-08)

• Page 151. In the center of the page to the list of "Other external factors that might impact on the value..." add "Marketability". (Posted 5-11-08)

• Page 154. At the end of the first paragraph in the section entitled "Age-Life Depreciation" add the following sentence "Age-life depreciation is not impacted by obsolescence — only by the property's age and condition (which is usually assumed to be average.)" (Posted 5-12-08)

• Page 172. Add this bulleted item to the center of the page: "• All major appraisal societies permit the appropriate use of photographs as the appraisal assignment warrants." (Posted 5-12-08)

• Page 184. At mid-page add this one sentence paragraph just prior to the paragraph which begins "Failure to understand...": "The intended use of the appraisal report will contribute to the appraiser’s choice of markets to explore. For example, donation appraisals will require the “most common” market whereas an insurance appraisal will make use of the insured's customary retail market." (Posted 5-12-08)

• Pages 183, 187 and 188. (Expanded the discussion and added three principles: Principle of Qualitative Ranking, Principle of Contribution, Principle of Identification.) Make these changes. (Posted 3-21-08)

• Page 225. (Modifies appraiser's basis for accepting work by others. Required by change to 2008-2009 USPAP). Make this change. (Posted 6-10-08)

• Page 293. Change the bulleted item "Definition of value and its citation" to the following:" • Definition of value and its citation (include disclosure and discussion of exposure time if necessary for intended users to understand the report)" (Posted 5-13-08)

• Page 294. Add this bulleted item to section #2, the list of of item-specific information: "• Significant personal property appraisal assistance provided by others" (Posted 5-13-08)

• Page 314. (Adds discussion of electronic signatures and provides a sample declarative statement regarding use of a electronic signature.) Make these changes. (Posted 3-28-08; Updated 4-28-08)