The Professional Appraisal

There is No Such Thing as a "Free Appraisal"
An appraisal is an unbiased, reasoned opinion of value based upon an identification of the object and analysis of the marketplace, which is substantiated by actual market examples. This is a signed document which is suitable for submission to insurance companies, the courts and the Internal Revenue Service. As required by the Code of Ethics of the American Society of Appraisers and the Uniform Standards of Professional Appraisal Practice (USPAP), the appraiser must report the facts acting as a disinterested third party, rather than as an advocate. The American Society of Appraisers requires recertification and successful completion of the USPAP course every five years.

Appraisal procedures, research methodology, market selection and the resulting value conclusions can differ with various purposes and functions of appraisal assignments. A report prepared for one purpose very likely would be inappropriate for another; for instance, an insurance coverage appraisal would not be acceptable for estate tax or charitable contribution.

A four-year college degree, followed by the Appraisal course work and five years' full-time experience performing appraisals are required before applying for senior level membership. ASA has mandatory continuing education requirements, which must be met every five years. The American Society of Appraisers may be reached at:

The Uniform Standards of Appraisal Practice
In 1987 the federal government established a detailed list of minimum standards for appraisers, known as The Uniform Standards of Professional Appraisal Practice or USPAP. All appraisal reports must include a signed and dated certification that these USPAP requirements have been fulfilled. The USPAP exam must be successfully re-taken every five years to ensure familiarity with recent USPAP updates and to maintain ASA certification. Among the many stipulations, USPAP requires that the appraiser act as a neutral, disinterested third party who reports the facts in an unbiased manner. These requirements comprise the "standard of care" to which all appraisers must adhere.

For information about the federal minimum standards for appraisers (USPAP) you may contact The Appraisal Foundation, which has been authorized by Congress as the source of appraisal standards and appraiser qualifications. These standards were developed and copyrighted in 1987, have been adopted by the major appraisal organizations in North America, and are the generally accepted standards of appraisal practice. The Appraisal Foundation may be reached at:

The American Society of Appraisers
is a multi-discipline, professional appraisal society, founded in 1952. The Society's professional reputation is distinguished by the fact that it tests and certifies its membership, requires adherence to a code of ethics, and maintains a program of continuing education.

American Society of Appraisers
International Headquarters
P.O. Box 17264
Washington, D.C. 20041-0265 or
555 Herndon Parkway, Suite 125, Herndon, VA 20170
Telephone: 703-478-2228 or 800-ASA-VALU
Fax: (703) 742-8471
e-mail ASA