Importance of USPAP Compliant Appraisers

1. IMPORTANCE OF USPAP COMPLIANT APPRAISERS Appraisals are the current trend in the business world. Appraisals are performed by State Licensed Qualified Appraisers that are bound by USPAP (The Uniform Standards of Professional Appraisal Practice) with the knowledge and experience to form a credible and reliable Opinion of Value. The Uniform Standards of Professional Appraisal Practice (USPAP) is the official guidance document published by the Appraisal Standards Board (ASB) of The Appraisal Foundation (TAF). USPAP was adopted by the United States Congress in 1989 following the problems caused by the savings and loan crisis and defines a set of recommended procedures and ethical standards for appraisers. The document is revised and reissued every two years and the current edition is for 2016- 2017. Appraisal Companies offer a wide range of services that help in boosting a business.

2. Appraisers need the right information, credentials, and experience to appraise or value a property. Appraisers go through a lot of trials. Being certified as an appraiser is not an easy task. A lot of time and effort is invested to become certified as an appraiser as State requirements vary in different regions. Appraiser companies work hard to make sure that their appraisers are up-to-date with their education that their credentials are current, and they are the best appraisers for the specific assignment. Also, the performance metrics for appraisers should be reserved and consistently assessed to ensure that their appraiser panel is full of qualified appraisers. The top Appraisal Management Companies offer many appraisal services like equipment appraisal, machinery appraisal etc that have nationwide coverage, quick turn-times, and reliable customer service. Top-notch technology and appraisal process innovations are combined with Class Valuation that helps in quicker closings and more reliable reports. The Uniform Standards of Professional Appraisal Practice (USPAP) is the generally recognized ethical and performance standard for the appraisal profession in the United States. USPAP contains standards for all types of appraisal services, including real estate, personal property, business and mass appraisal. It was adopted by Congress in 1989. USPAP is updated every two years so that Industrial Asset Appraisers have the information they need to deliver unbiased and thoughtful opinions of value. State-licensed and state-certified appraisers involved in federally-related real estate transactions require compliance. So the USPAP is instrumental in proper evaluation and appraisal for different industries.

3. USPAP also contains a number of important rules governing the professional behaviour of appraisers separate from the Standards, including the Ethics Rule, Record Keeping Rule, Competency Rule, and Scope of Work Rule. USPAP states, "The Appraisal Standards Board (ASB) of The Appraisal Foundation develops, interprets, and amends the Uniform Standards of Professional Appraisal Practice (USPAP) on behalf of appraisers like commercial equipment appraiser and users of appraisal services." Meaning of USPAP- Compliant USPAP-compliant Appraisers have pledged to follow the regulations outlined in the Uniform Standards of Professional Appraisal Practice in their appraisal reports. There is a 15-hour course with a written examination based on the material in the USPAP guidance document that appraisers must take and pass in order to state that they are current with USPAP. After passing the initial examination, appraisers need to take a 7- hour update course every two years to remain current, or they will have to take the 15-hour course and examination again. According to U.S. law, USPAP compliance is required for real estate appraisers, those who evaluate buildings and homes, but is only voluntary for personal property appraisers, who evaluate items such as antiques and fine arts within a house. However, all members of the International Society of Appraisers must be USPAP-compliant as part of their membership requirements. When you're considering having industrial Equipment Appraisals performed, having a USPAP compliant appraisal will work wonders for you.

4. Why Hire a USPAP- Compliant Appraiser One of the key features of USPAP is that the appraiser is not allowed to charge an appraisal fee that is based on the appraised value of the items included within the appraisal report. It's important to hire a USPAP-compliant appraiser because USPAP protects the interests of the client. It is interesting to see how this could lead to situations where an appraised value could be reduced to increase the appraisal fee. In addition to cost savings, AMCs help in ensuring that banks are getting the most qualified and accurate appraisals from their appraisers. Asset quality is the foundation of strong and profitable mortgage lending, so this is an important area where appraisal management companies can benefit lenders. Conclusion A professionally prepared Appraisal by a qualified Appraiser is a much stronger instrument that is easily accepted in legal proceedings and transactions. Using professionally prepared Appraisals to reduce chaos and confusion between you and the client and make room for a smoother assignment which makes clients satisfied and content. The restructuring of the appraisal market is paving way for greater opportunities. Appraisal companies will serve as a redeemer to your business and give it a wider expanse. Try out these appraisal services and let your business grow manifold.