Last week, the president of The Appraisal Foundation (TAF), David Bunton, posted an article on the Huffington Post website about personal property appraising. ISA has been an active supporter of TAF for many years, requiring our members to follow and adhere to the Uniform Standards of Professional Appraisal Practice (USPAP) for even longer. After many years of supporting USPAP and participating on The Appraisal Foundation Advisory Council (TAFAC), in January of 2014, ISA became a full sponsor of TAF. In doing so, ISA is obligated to follow and adhere to the foundation's appraisal standards and qualification criteria.
The partnership between TAF and the personal property sponsors has been growing and gaining momentum through a collective process of developing further understanding of personal property essential elements. Through round-table discussions, intended user input, personal property only meetings, personal property task forces, updating of TAF website with a dedicated personal property resource page, and now this article, TAF and sponsoring personal property organizations reveal a strong commitment toward promoting professionalism and qualified appraisers. The publication of the article in the Huffington Post is important in the partnership with TAF, as it represents the intersection of interests, commitments and dedication of the foundation to the personal property community.
Members of ISA are all aware of the importance of USPAP standards, the 15-hour course, the exam and the update classes every two years. These important standards have been something ISA and our members have followed and embraced for many, many years. As a sponsor of TAF, in addition to adhering to USPAP standards, ISA is also required to follow the qualification criteria set by the Appraisal Qualifications Board (AQB). The criteria sets minimum hours for appraisal education, experience, and continuing education/requalification. ISA has been an active voice and advocate through membership in TAFAC, and as an Appraisal Foundation sponsor in developing – and now implementing – the new qualification criteria.
The new personal property qualification criteria are more than educational requirements, and the rationale behind advancing and promoting the criteria are central to the success of the profession. The qualification criteria are designed to advance the status and standing of qualified appraisers versus those who produce sub-standard work and are not qualified. David Bunton’s article in the Huffington Post is significant on so many levels, as it goes right to the core importance of standards and qualifications. As the title implies, What You Need to Know When Getting Your Personal Property Appraised, it seeks to inform and educate users of appraisals on what is involved in developing a professional, qualified appraisal report, while also informing on the importance of hiring an appraiser with the proper qualifications for credible assignment results.
In addition to ISA’s Appraisal Foundation activity, ISA has been both active and vocal in support of qualified appraisers, promoting our members and seeking excellence and advancement within the profession. ISA initiatives include:
- Partnering with allied professionals such as our affiliation with Chubb Insurance in promoting qualified appraisers and educating users of appraisers
- Developing the Circle of Trust (COT), the new coalition of ISA, AAA and ASA to promote qualified appraisers and the appraisal profession
- Meeting regularly with allied professionals, educational providers, our compeer organizations and the IRS to discuss appraisal needs from users, and to promote qualified appraisers and appraisals
- Hosting the finest personal property appraisal conference
- Growing educational opportunities, mentoring and online programs
- Developing and distributing marketing material for ISA members
- Promoting the ISA Affinity Business Partner program to develop contacts and network with allied professionals
- Partnering with the Foundation for Appraisal Education
If you have not already, please take a few minutes to read through the Huffington Post article by David Bunton. To the professional appraiser who follows USPAP and the important qualification criteria, it may not reveal much new information, as ISA has been engaged in promoting our members and the profession for years. However, to users of appraisers, such as collectors, trust and estate planners, wealth managers, accountants, insurance agents, bankers, accountants and other professional users of appraisals, it shows the importance of hiring a professional, qualified appraiser who writes and develops reports to the “generally recognized ethical and performance standards for the appraisal profession in the United States.”