- Joe Cornell
- March 5th, 2017
- Personal Property Appraisal
Many years ago I was standing in front of a group of attorneys, who were talking about a document labeled “Appraisal” that had a list of items on it, and a corresponding column of figures, with the titles for the columns being “Item,” and “Value.” There were three pages that were similar, without any other information being supplied. As an appraiser, who was there to talk to these attorneys about appraisal reports and what makes them credible, I explained to them that if you were driving past a pasture that had a donkey standing in it that had a sign around its neck that said “Tractor,” that the sign did not make the donkey a tractor, even if the donkey had been painted green and white.
The Congress of the United States founded an organization called the Appraisal Foundation, which resides in Washington DC. Every year this organization puts out a large document that is called The Uniform Standards of Professional Appraisal Practice that is referred to as USPAP. These are the standards that must be used by an appraiser for his/her appraisal report to be considered credible within the appraisal industry and by his/her peers. To Be Continued…….