National Equipment Appraisal adopts and complies with the regulations and ethics rules of the Uniform Standards of Professional Appraisal Practice (USPAP). Business valuations are completed in accordance with the National Association of Certified Valuators and Analysts' Professional Standards. In addition, JMR Capital, Inc. endorses and follows the ethical conduct standards for financial advisory firms as promulgated by the Alliance of Merger & Acquisition Advisors.
About Appraisal Standards
The Uniform Standards of Professional Appraisal Practice (USPAP)
The Appraisal Foundation is a congressionally authorized non-profit organization established in 1987. The Appraisal Foundation is dedicated to the advancement of the appraisal profession and accomplishes its mission through the work of the Appraisal Standards Board (ASB).
What does ASB do?
The Appraisal Standards Board (ASB) is an independent Board of The Appraisal Foundation. The ASB is responsible for writing, amending and interpreting the Uniform Standards of Professional Appraisal Practice.
The ASB issues Exposure Drafts for public comment of proposed changes to USPAP and they hold public meetings throughout the year in various regions of the country. During the course of these meetings the ASB considers relevant changes to USPAP based on the ever-changing needs of the marketplace. In addition, the ASB considers written and oral public testimony on proposed changes to USPAP.
What is USPAP?
The Uniform Standards of Professional Appraisal Practice (USPAP) are the generally accepted 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. The purpose of USPAP is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers.
USPAP was originally written in 1986-1987 by an appraisal profession Ad Hoc Committee and was donated to the Foundation in 1987. The Financial Institutions Reform Recovery and Enforcement Act (FIRREA) of 1989 cite USPAP as the standard to be enforced by state real estate appraiser regulatory agencies. USPAP is updated on a periodic basis. USPAP is growing in acceptance throughout the world. Many professional associations in North America, South America, Europe and Asia have accepted USPAP as the standard of practice for their membership.
How is USPAP Enforced?
Although the ASB writes amends and interprets USPAP, the Board does not enforce USPAP. Through FIRREA, the Federal government has mandated that the states enforce real property appraiser compliance to USPAP. Professional appraisal associations also have the authority to enforce USPAP compliance by their members. In addition, many users of appraisal services (such as lenders, mortgage companies, etc.) have adopted USPAP and require employee or contract appraiser compliance with USPAP. Complaints regarding real property appraisers should be directed to the state(s) in which he or she is licensed or certified. Complaints about an appraiser of any other discipline, such as personal property or business valuation, should be forwarded to the professional organization to which the appraiser belongs.
Mark Richardson, the appraisers at National Equipment Appraisal and their work product comply with the rules and standards of the Uniform Standards of Professional Appraisal Practice (USPAP).
