"To protect your financial well being and your investments, it is important that you engage a valuation professional. Whether it is personal property, real estate or a business, consumers should engage a professional appraiser for an independent and impartial analysis of their property."
The Appraisal Board
Elements of a Professional Appraisal
Professional appraisers adhere to a written set of performance standards, known as the Uniform Standards of Professional Appraisal Practice (USPAP). The U.S. Congress has recognized USPAP as the generally accepted set of standards for professional appraisal practice in the United States.
USPAP contains standards for all types of appraisal services including real property, personal property, business valuation and mass appraisal. USPAP compliance is also required by professional appraisal associations, client groups and by dozens of federal, state and local agencies.
By following USPAP, a professional appraiser helps foster public trust in valuation through:
- Impartiality and Objectivity: A professional appraiser must be independent, impartial, and objective. A professional appraiser's opinion of value must not be biased.
- Ethical Conduct: A professional appraiser will adhere to a generally recognized code of ethical conduct, which is contained in USPAP. In addition, many professional appraisal societies have their own codes of conduct
- Full Disclosure: A professional appraiser will disclose all relevant information to ensure that the appraisal is understandable to the user, and not misleading.
- Confidentiality: A professional appraiser will treat confidential information as such. When in doubt, the appraiser should always check with the client to determine what is or is not confidential information.
- Competency: A professional appraiser should have knowledge and experience in performing similar assignments
- Independence: A professional appraiser cannot be compensated based upon the results of the appraisal.
While some professional appraisers specialize in more than one property type, most specialize in valuing one particular type of property. For example:
National Equipment Appraisal is a Personal Property Appraisal Company. It specializes in appraising machinery and equipment and business personal property.
JMR Capital, Inc. is a merger and acquisition firm serving privately owned businesses. The company assists business owners prepare and market their companies for sale by providing business valuation appraisals and marketing services.