Outline for the 2016-2017 edition of the "Complete Online Course in Personal Property Appraising"

This is a unique course. There is no other complete online course for the personal property appraiser. This course is designed to aid personal property appraisers seeking competency in appraisal theory, principles, methodology and report writing.

The Complete Online Course in Personal Property Appraising is an extensive course which addresses the core knowledge necessary for the professional personal property appraiser who is seeking competency in appraisal theory, principles, standards, methodology and report writing skills in order to practice at the highest standards of ethics and performance. Some of the areas covered in this course include:

  • The duties of a professional appraiser
  • Types of appraisals and their intended uses (donation, insurance, estate, liquidation, etc.)
  • The "Appraisal Process" including problem identification, defining the scope of work, determining one's competency
  • Approaches to value
  • Value types and their definitions
  • Selection of the most appropriate market to research
  • Uniform Standards of Professional Appraisal Practice
  • Tax regulations regarding federally-related appraisals for donation, gift, inheritance and estate purposes
  • Research techniques
  • Ethics
  • Running an appraisal business
  • Working with the client
  • Constructing an appraisal report
  • A brief review of prominent cases such as Anselmo, O'Keeffe, Sammons, Querbach and Goldman which address key issues relating to appraising including appropriate market from which to acquire comparable sales data, valuing contraband, malpractice, fraud, clear title, fair market value, blockage discounts, USPAP, etc.

Lesson 1: Appraisal Terminology
     Report (emphasis on issues relating to oral appraisal reports)
     Valuation Services
     Appraisal Practice
     Online Appraisals
     Personal Property
     Intangible Property
     Appreciable vs. Depreciable Personal Property
     Comparable Properties
     Bundle of Rights/Ownership Rights
     Intended User
     Scope of Work
     Intended Use
     Value vs. Cost vs. Price
     Assignment Conditions
     Limiting Conditions
     Extraordinary Assumptions
     Hypothetical Condition
     Jurisdictional Exception
     Objective of an Assignment (Appraisal, Appraisal Review, Appraisal Consulting)
     Primary vs. Secondary Markets
     Appraisal Process

Lesson 2: Appraisal Principles Part I — Value and Cost
     Value (Value-in-use, Value-in-place, Value-in-exchange)
     Types and Definitions of Value (Market Value and market value types, Fair Market Value, Forced and Orderly Liquidation Values, Investment Value, Replacement Value, Salvage and Scrap Value, Loss-of-Value, Replacement Value, Actual Cash Value, Present Value, Loss-of-Value, Marketable Cash Value, Net Value, Book Value, Insurable Value)
     Types of Cost (Replacement Cost (New), Replacement Cost (Comparable), Repair Cost)
     Non-Monetary Opinions

Lesson 3: Appraisal Principles Part II
     Scope of Work
     Inspection vs. Non-Inspection

     Intended Use of an Appraisal
     Objective of an Appraisal
     Valuing Ownership Rights
     Property Interests
     Contraband Property
     Three Types of Property
     Three Approaches to Determining Value (Sales Comparison Approach, Cost Approach, Income Approach)

Lesson 4: Appraisal Principles Part III - Intended Uses of Appraisals
     Appraisals for Buying or Selling
     Appraisals for Transit-Related or Insurance Casualty Loss and Damage
     Appraisals for Equitable Distribution
     Appraisals for Acquiring Insurance
     Federal Tax Liability Applications (Qualified Appraiser, Qualified Appraisal, IRS Form 8283, Donation Appraisal, Estate Appraisal, Gift Tax Appraisal, Casualty Loss Appraisal, Bankruptcy Appraisal)
     Liquidation Appraisals (Sales Advisory)
     Estates & Trusts Taxes
     Litigation Appraisals and Related Services
     Ad Valorem Property Tax Appraisals
     Collateralized Loan
     Corporate Financial Reporting

Lesson 5: Appraisal Principles Part IV
     Value Creators
     Value Relevant Property Characteristics
     Effective Date of the Appraisal
     Date of the Report
     Date of Inspection
     Current, Retrospective and Prospective Appraisals
     Fractional Appraisals
     Preliminary Appraisals
     Draft Reports
     Contingent Appraisals
     Hypothetical Appraisals
     Limiting Conditions
     Extraordinary Assumptions
     Using Photographs to Appraise When a Hands-On Inspection is Not Possible
     Online Internet Appraisals
     Valuation Discounts (After Death, Fractional Interest and Blockage Discounts)

First exam. Locally proctored. more

Lesson 6: Appraisal Principles Part V
     Marketplace Principles (Balanced Market, Perfect vs. Imperfect Markets, Principle of Supply and Demand)
Valuation Principles (Principle of Anticipation, Principle of Substitution, Principles of Regression and Progression, Principle of Conformity, Principle of Competition, Principle of Qualitative Ranking, Principle of Sampling, Principle of Contribution, Principle of Decreasing Returns, Principle of Marginal Utility, Principle of Identification, Principle of Highest and Best Use)
     Copies/Fakes/Forgeries/Reproductions/Fantasy Items
     Due Diligence
     Levels of Attribution
     When to Authenticate
     Readily Apparent Identity
     Terms of Use

Lesson 7: Uniform Standards of Professional Appraisal Practice (USPAP)
    History of Appraisal Standards
    The Appraisal Foundation (TAF) and its four boards: BOT, ASB, AQB, APB
    TAF Sponsors
, Advisory Councils and Groups
    The Appraisal Subcommittee
    USPAP: Purpose, Beneficiaries, Assignment and property types governed by USPAP
    The Structure of USPAP: DEFINITIONS, PREAMBLE, ETHICS RULE, COMPETENCY RULE, SCOPE OF WORK RULE, RECORD KEEPING RULE, JURIDICTIONAL EXCEPTION RULE, STANDARDS 7, STANDARD 8, STANDARD 3, STANDARDS 1-2, 4-6, 9-10, Statements on Appraisal Standards (SMT), Advisory Opinions (AO), Frequently Asked Questions (FAQ), Comments
    USPAP Certification
    The Appraisal Process and USPAP
    Appraisal Report Options
    When Must an Appraiser Comply with USPAP?
    Appraisal Report Options (Self-contained, Summary, Restricted use)
    Personal Property Appraiser Minimum Qualification Criteria (PPAMQC)

Lesson 8: Ethics and Standards of Professional Conduct
    Codes of Ethics
    USPAP and Ethics
    Appraiser is a Professional
    Appraiser is not a Fiduciary
    Ethical Obligations to Clients
    Ethical Obligations to Other Intended Users
    Ethical Obligations to Colleagues and the Appraisal Profession
    Ethical Obligations When Giving Testimony
    Conflict of Interest
    Fee Structures
    Misrepresentation in Advertising or Self-Promotion
    Unconsidered Opinions

Lesson 9: Research
    Determining the Most Appropriate Market
    Value Type and Definition Defines Market to Explore
    Levels of Trade
    Market Levels
    Four Steps to the Research Process
    Research Resources (Books & Periodicals, Internet, Museums & Libraries, Specialist Dealers, Authors, Editors, Collector Clubs, Networking with Colleagues)
    Stolen Art
    When Assignment has More than One Appraiser
    Documenting Appraisal Assistance Provided
    Documenting Resource Evidence

Lesson 10: Describing Property
    Describing Property
    Object ID
    Three Criteria for Describing Property
    Examples of Property Descriptions
    Describing Groupings, Collections and Accumulations

Lesson 11: Writing an Appraisal Report
     Required Content Depends on Type of Appraisal
     Self-Contained Appraisal Content
     Summary Appraisal Content
     Restricted Use Appraisal Content
Appraisal Report Structure (Appraisal-specific information, Item-specific information, Supporting documentation)
     Cover Letter vs. Transmittal Letter vs. Cover Document: What’s the Difference?
     Sample Appraisal Report Wording
     Software Programs for the Appraiser

Lesson 12: The Professional Appraisal Practice
     The Professional Appraisal Practice
     Business Development
     Your Business Web Site
     Professional Development
     Your Curriculum Vitae
     Office Furnishings and Equipment
     Basic Appraiser Techniques
     Initial Client Contact
     Prospective Client Follow-up
     Client Data Form & Assignment Activity Log
     What to do When on Site
     Commonly Used Tools of the Appraiser
     Making use of Photographs
     Delivering the Appraisal Report and Getting Paid
     Electronically Transmitted Reports
     Appraisal Updates
     Record Keeping
     Expert Witness Testimony

Lesson 13: Legal Issues of Interest to the Appraiser (this lesson is not testable)
     Having Good Title
     Dealer/Appraiser Fraud
     Malpractice (Professional Negligence)
     Negligent Referral
     Tax Court Cases: Most Appropriate Market
     Tax Court Cases: Fair Market Value
     Tax Court Cases: Buyers Premium
     Tax Court Cases: Blockage Discount
     Tax Court Case: After Death Discount
     Tax Court Case: Fractional Interest Discount
     Tax Court Case: Deduction Allowed for Donation of Contraband
     Tax Court Cases: Is USPAP Compliance Determinant?
     Who Owns an Appraisal?

     Laws Affecting Possession of or Trade in Contraband Property

Second exam. Locally proctored. more

Final appraisal report project. more


© Appraisal Course Associates 2012