Outline: Complete Online Course in Personal Property Appraising (Featuring USPAP) 2018-2019 edition
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
USPAP
Appraisal
Report (emphasis on issues relating to oral appraisal reports)
Appraiser
Valuation Services
Appraisal Practice
Competency
Online Appraisals
Personal Property
Intangible Property
Appreciable vs. Depreciable Personal Property
Comparable Properties
Bundle of Rights/Ownership Rights
Client
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)
Market
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)
Walk-throughs
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
Depreciation
Obsolesences
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
Identification
Authentication
Levels of Attribution
When to Authenticate
Readily Apparent Identity
Disclaimers
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, JURISDICTIONAL EXCEPTION RULE, STANDARDS 1-10, 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 (Appraisal Report, Restricted Appraisal Report)
Personal Property Appraiser Qualification Criteria (PPAQC)
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
Appraisal Report Content
Restricted Appraisal Report Content
Appraisal Report Structure (Appraisal-specific information, Item-specific information, Supporting documentation)
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
Contracts
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)
Bailment
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