Ethics Update
ASA's Board of Governors recently approved a resolution updating the ASA Principles of Appraisal Practice and Code of Ethics to align with the new 2010-11 Uniform Standards of Professional Appraisal Practice (USPAP) requirement for appraisers to disclose, up front to prospective clients, any involvement the appraiser might have had with the property within the past three years. Click below to read
ASA Granted Expanded USPAP Options
(ASA Fast Read dated Jan 11, 2010)
In a letter dated January 5, 2010, The Appraisal Foundation officially granted ASA's request to allow BV, GJ, MTS, and PP appraisers subject to USPAP the following options for meeting USPAP continuing education requirements:
- Successful completion of the 15-Hour National USPAP Course and pass the associated 15-Hour National USPAP Course Examination every five calendar years, or
- Successful completion of the 7-Hour National USPAP Update Course every two calendar years, or
- Successful completion of a 7-Hour National USPAP Update Course specific to Business Valuation, Gems and Jewelry, Machine and Technical Specialties, or Personal Property every two calendar years.
A 7-Hour discipline specific USPAP Course will need approval from the AQB Course Approval Program.
IRS Information from the Art Advisory Panel
Photographic Requirements for Art, Antiques,
Decorative Arts & Other Cultural Properties
Reviewed by Art Appraisal Services and
The Commissioner’s Art Advisory
Read the PDF: http://www.irs.gov/pub/irs-utl/art_appraisal_services_photographic_requirements.pdf
Preferred Object Identification Format for Art, Antiques,
Decorative Arts & Other Cultural Properties Valued Over $20,000
Read the PDF: http://www.irs.gov/pub/irs-utl/appraisal_item_format.pdf
New IRS Requirements for Charitable Contributions
From Sandie Tropper, Chair, Personal Property Committee
For all your appraisals being completed for 2008 non-cash charitable contributions, you must include and sign a declaration included in the IRS proposed regulations.
To find the required declaration, please see page 45916, left column, middle of the page. The paragraph is labeled Appraiser Declaration.
(For a full copy of the proposed regulations, go to the IRS website: www.irs.gov. In the top right Search (“keyword search terms”) type in Reg-140029-07. You can download the proposed regulations, which are in the October 6, 2008 IRS Bulletin.)
IMPORTANT - USPAP Information
For information about a local USPAP 15 hour course in January, see our Calendar page.
For the latest Reaccreditation and USPAP Requirements, have your ASA login and password handy and follow this link:
http://www.appraisers.org/members/reaccreditation/reaccred.pdf
ASA MEMBERS TO PRESENT LECTURE ON MULTIDISCIPLINE APPRAISAL OF NEW YORK CITY’S HISTORIC MASONIC HALL
Download the full release from here
May 1, 2008
Press contact: Sally Mallison - (703) 733-2111
WASHINGTON, D.C.—On the evening of May 15, the American Society of Appraisers (ASA) and the Royal Institution of Chartered Surveyors (RICS) will hold a joint meeting of all their metropolitan chapters at the historic Grand Lodge building, Masonic Hall, on West 23rd Street in New York City. RICS President David Tuffin, FRICS, and ASA International President John Willey, FASA, will be present.
Following a tour of the building, the group will retire to the dining room for a special lecture by Paul Roberts, ASA, Fred Iusi, FASA, Ellen Epstein, ASA, and Joseph Novelli, ASA, on the multidiscipline appraisal they performed in 2005 of the Grand Lodge building’s numerous and ornate interior finishes.
The project began as a personal property assignment for insurance purposes. During this appraisal process, it became evident that the assignment could only be properly completed as a multidiscipline project. Roberts and Novelli were retained to value the interior real estate components. They also pulled in additional experts to value, for example, the elaborate built-in piping for the organs that are prominent in each of the rooms. This is an example of an appraisal project utilizing the multidiscipline capability of ASA.
“This was a huge, huge task,” says Roberts, which took nearly one year to complete. He adds that his ASA contacts enabled him to quickly assemble the qualified multidiscipline team needed to get the job done.
As the only multidiscipline valuation society of its kind in the United States, ASA is uniquely positioned to handle complex valuation problems like the Masonic Hall.
The 17-story Grand Lodge building was constructed in 1910, and the rooms were then built within the building. Likened to the Sistine Chapel, each lavish room is done in a different décor, set in a specific time period—ranging from the Doric Room, with an ornate Greek theme carried forward in a series of six repeated frieze themes, to the Colonial Room, with elaborate stenciled arches in wedgewood blue, burnt orange, and silver.
The building has been the set for numerous television shows and movies, such as “Unfaithful,” with Richard Gere. Roberts says it’s the most beautiful building, other than in Europe, he has ever seen.
For more information about an ASA-accredited appraiser in your area, visitwww.appraisers.org or call (800) ASA-VALU.
About ASA
ASA is an international organization of appraisal professionals and others dedicated to the education, development and growth of the appraisal profession. ASA is the oldest and only major organization representing all disciplines of appraisal specialists, originating in 1936 and incorporating in 1952. ASA’s headquarters is in the metropolitan Washington, D.C., area. Visit the ASA Web site at www.appraisers.org.