Elements of a Qualified Professional Appraiser
Regardless of the type of property being appraised or whether or not
the appraiser is regulated by the government, a qualifi ed appraiser
should meet the following criteria:
Education: Over several decades the appraisal profession has
developed generally recognized valuation methods and techniques,
commonly known as a body of knowledge. Conformance to these
generally recognized methods and techniques promotes consistency
in the work product of appraisers. A qualifi ed appraiser will
usually have training from any combination of the following sources:
appraisal proprietary school, professional appraisal societies, and/or
college or university courses.
Experience: A professional appraiser will have signifi cant
experience in applying the generally recognized valuation methods
and techniques learned in the classroom to the marketplace.
Examination: A professional appraiser has been tested to ensure a
thorough understanding of the subject matter and competency.
Continuing Education: A professional appraiser continues to take
educational offerings on a periodic basis to ensure awareness of
changes in valuation methods and techniques, technology and the
marketplace.
Adherence to a Written Set of Ethical and Performance
Standards: Following an established code of conduct focusing on
conduct and ethics, such as the Uniform Standards of Professional
Appraisal Practice, is a cornerstone for a professional appraiser.
Accountability for Conduct: Either a government appraiser
regulatory agency or a peer review panel of a professional appraisal
society affords due process to the public regarding complaints about
the conduct of appraisers.
Members of The Appraisal Foundation Appraisal Sponsoring
Organizations meet the criteria outlined in this brochure. Please see
the back panel for a list of the Appraisal Sponsors of The Appraisal
Foundation.
Elements of a Professional Appraisal
Professional appraisers adhere to a written set of performance
standards, known as the Uniform Standards of Professional Appraisal
Practice (USPAP). The U.S. Congress has recognized USPAP as
the generally accepted set of standards for professional appraisal
practice in the United States. USPAP contains standards for all types
of appraisal services including real property, personal property,
business valuation and mass appraisal. USPAP compliance is also
required by professional appraisal associations, client groups and by
dozens of federal, state and local agencies.
By following USPAP, a professional appraiser helps foster public trust
in valuation through:
Impartiality and Objectivity: A professional appraiser must be
independent, impartial, and objective. A professional appraiser’s
opinion of value must not be biased.
Ethical Conduct: A professional appraiser will adhere to a
generally recognized code of ethical conduct, which is contained in
USPAP. In addition, many professional appraisal societies have their
own codes of conduct.
Full Disclosure: A professional appraiser will disclose all relevant
information to ensure that the appraisal is understandable to the user,
and not misleading.
Confidentiality: A professional appraiser will treat confi dential
information as such. When in doubt, the appraiser should always
check with the client to determine what is or is not confi dential
information.
Competency: A professional appraiser should have knowledge and
experience in performing similar assignments.
Independence: A professional appraiser cannot be compensated
based upon the results of the appraisal.
Courtesy of The Appraisal Foundation