New Personal Property Appraiser Qualification Criteria
The Appraisal Foundations’ (TAF), Appraisal Qualification Board (AQB) has established new Personal Property Appraiser Qualification Criteria to be effective January 01, 2018. The Criteria establishes minimum requirements for all personal property appraisers who are members of TAF sponsoring organizations. However, all personal property appraisers, whether they belong to a sponsoring organization or not, are encouraged but not required to follow these minimum education and experience recommendations. These Criteria do not require appraisers who currently hold credentials, obtained under previous criteria, to meet the new requirements other than the new continuing education requirements.
There are currently six sponsors of TAF whose designees meet the national qualification requirements and adhere to ethical standards. When hiring a personal property appraiser, you should consider hiring an appraiser affiliated with one of these organizations. Additionally, TAF sponsors comply with the minimum standards, called the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP is the generally recognized ethical and performance standards for the appraisal profession in the United States. Government does not license personal property appraisers. It is imperative to pay close attention to the education, qualifications and standards of practice are sufficient to produce an appraisal report that is reliable and credible.
The International Society of Appraisers is one of the six sponsors of the TAF. As an Accredited Member of the International Society of Appraisers since 1999, I am in compliance with the AQB Criteria for continuing education and reaccreditation. More information on the AQB minimum criteria can be found HERE.
Personal property is defined as those tangible items that are not permanently affixed to real estate and can be moved. A personal property appraiser is a professional who develops and reports an opinion of value on these items. Personal property appraisers can provide a number of services including estate tax appraisals, non-cash charitable contribution appraisals, appraisals to obtain adequate insurance coverage, expert testimony, estate liquidations and auction services to name a few.
TAF Sponsors: International Society of Appraisers American Society of Appraisers Appraisers Association of America American Society of Farm Managers & Rural Appraisers International Association of Assessing Officers Royal Institute of Chartered Surveyors
~ paraphrased from The Appraisal Foundation web site