Appraisal Witness: Qualified Expert

Appraisal Witness: Qualified Expert

USPAP Uniform Standards of Professional Appraisal Practice

USPAP, (Uniform Standards of Professional Appraisal Practice), pronounced, “use-pap,” is the results of a Congressional Ad Hoc Committee on Uniform Standards copyrighted in 1987. Congress authorized the new non-profit Appraisal Foundation and charged it with promulgating appraisal standards. In 1989 the Appraisal Foundation created a division called the Appraisal Standards Board (ASB) that publishes and maintains USPAP, the appraisal standards that are accepted nationwide and in United Kingdom, Russia, China, Mexico, Japan, Kazakhstan, Korea, and Vietnam.

The USPAP Standards are revised and updated every two years. The individual appraisers are responsible for any interim changes. A mandatory update USPAP test must be taken by EVERYONE who holds themselves out to the public as an appraiser every two years. USPAP includes definitions, a preamble, Ethics Rules, Competency Rules, Scope of Work Rules and a Jurisdictional Rule. USPAP also includes 10 Standards, describing the functions that an appraiser can perform (“Personal Property Appraisal, Business Appraisal, Real Property, Mass Appraisal and Developing, Reporting, & Consulting Appraisal interest”). USPAP contains 10 Statements, five statements have been retired, the remaining five are used the purpose to clarify, interpret, explain, or elaborate USPAP and have the full weight of a Standards Rule. USPAP has added Advisory Opinions, with examples of history, when USPAP applies in the valuation service, compliance, real-life issues with appraisals and how Federally regulated institutions use appraisals and how the Rules and Standards of USPAP are applied.

The new laws charge every appraiser with knowing and following and applying USPAP in all their appraisal services. Each appraiser must continue his or her education to become knowledgeable of annual changes to USPAP and Advisory Opinions. Non-compliance with USPAP by an appraiser of negligence is punishable by law.

Durkin Valuation Associates are 2012-2013USPAP compliant. One of our Senior Appraisers teaches the USPAP course for government testing of appraisers. We have 70 years combined appraisal experience. Give us a call for your appraisal needs. Phone (617) 720-0332

Expert Appraisal Witness
  1. (required)
  2. (valid email required)
Please answer the Human verification question.
 

cforms contact form by delicious:days


USPAP,Uniform Standards of Professional Appraisal Practice,appraisal

Technorati Tags: , ,

Be Sociable, Share!


TCPalm

Does the association's insurance cover hurricane damages to building exteriors?
TCPalm
Editor's note: Attorneys at Goede, Adamczyk, DeBoest & Cross, respond to questions about Florida community association law. The firm represents community associations throughout Florida and focuses on condominium and homeowner association law, ...




High Plains Journal

Cattlemen release second video in tax reform campaign
High Plains Journal
Wolf also discussed how the death tax is fundamentally unfair and burdensome because it forces family ranchers to pay tax and estate-planning costs in cash based upon an appraised value of their land, which they've already paid property taxes on for ...




Newcanaandarienmag

What's it Worth?
Newcanaandarienmag
An appraisal for trust and estate planning is essential for the Internal Revenue Service probate reporting.” Regarding market value, what are the trends? Modern and contemporary fine art continue to find buyers, while traditional furniture and artwork ...

and more »



CattleNetwork.com

NCBA Release Second Video in Tax Reform Campaign
CattleNetwork.com
Wolf also discussed how the death tax is fundamentally unfair and burdensome because it forces family ranchers to pay tax and estate-planning costs in cash based upon an appraised value of their land, which they've already paid property taxes on for ...

and more »



TCPalm

REVERSE MORTGAGES: Myths vs. realities
TCPalm
Many affluent senior borrowers with multi-million dollar homes and healthy retirement assets are using reverse mortgage loans as part of their financial and estate planning and are working closely in conjunction with financial professionals and estate ...

and more »



Understanding the Valuation Process for Your Real Estate
SanJuanIslander.com
Comparison against current unsold inventory is something an agent can consider but an appraiser is unable to heavily consider in the process of formulating an opinion of value. This restriction on the appraisers insures that their approach to value is ...




United States: Tips For Handling Assets From Wine Cellar
Mondaq News Alerts (registration)
A wine collection can be of significant monetary value, so you should obtain a professional appraisal. This appraisal can be used for estate tax purposes (both federal and state) as well as for determining an equitable distribution of the collection to ...




United States: Wealth Management Update - September 2017
Mondaq News Alerts (registration)
The September § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2.4%, the same as in August. The September .... In November 2003 Grou had obtained an appraisal for the theatre at $4.5 million. In June 2004 ...




WealthManagement.com

Appraisal Relied on by Estate Undervalued Paintings By $1.77 Million
WealthManagement.com
Recently, in Estate of Kollsman v. Commissioner (T.C. Memo. 2017-40), the U.S. Tax Court held that an art collector's estate significantly underreported the value of two artworks for estate tax purposes. The problem: the estate relied on appraisals by ...

and more »



How To Sell Real Property When Serving As A Trustee
Law360 (subscription)
Serving as a trustee of a trust that holds real property is for most people — and even many attorneys — a challenging undertaking. At the moment, with real estate values again at high levels, it may seem like trustees should have no problem with the ...


Google News

Copyright © 2008, 2009, 2010, 2011, 2012 appraisalwitness.com All rights reserved.
http://appraisalwitness.com/