The Uniform Standards of Professional Appraisal Practice (USPAP) standards and code of ethics is one of the few internationally recognised and accepted systems available to professional valuers. It details the necessary steps and reporting requirements required for all practicing appraisers – both for real and personal property valuers.
To be compliant with USPAP valuers must
- Act ethically and impartially
- Not accept an assignment with a predetermined valuation opinion
- Not accept contingent fees
- Protect the confidentiality of their client and ensure that confidential information is not disclosed to anyone other than the client
- Always consider the three approaches to value
- Collect, verify, analyse all available information in order to determine a credible opinion of value
- Clearly state any limiting conditions or assumptions made during the valuation
- Write concise reports which can be easily followed and clearly understood by the client
In short USPAP is designed to “promote and maintain a high level of public trust in valuation practice by establishing minimum requirements for appraisers. Valuers must develop and communicate their analysis, opinions and conclusions to clients and intended users of their services in a manner that is both meaningful and not misleading”. (Appraisal Standards Board USPAP Publication July 1, 2006)
American Society of Appraisers
Transcribed from the ASA website http://www.appraisers.org/
About the ASA
“The American Society of Appraisers is an organisation of appraisal professionals and others interested in the appraisal profession. International in structure, it is self-supporting and independent. The oldest and only major appraisal organization representing all of the disciplines of appraisal specialists, the society originated in 1936 and incorporated in 1952”.
“The American Society of Appraisers is committed to fostering professional excellence in its membership through education, accreditation, publication and other services. Its prestige is intended to contribute to the growth of its membership and to the appraisal profession.”
“When you hire an ASA – accredited appraiser, you are assured the best valuation expertise on the market, because ASA-accredited appraisers bring knowledge of the market and profession, experience, and solid reputation to the job.”
Why is it important to get a professional appraisal?
“In the appraisal world as is true everywhere else – you get what you pay for. Accredited appraisers take time to research the background of your possessions and understand the market for them. Qualified appraisers do not guess at values on the spot.”
“There are many people who call themselves appraisers but who are not accredited and have no formal training. It is important to hire an appraiser who is accredited by a reputable valuation organisation like the American Society of Appraisers (ASA). Members of ASA adhere to the strictest ethical standards and are required to have years of experience, education and training before they are accredited.”