Advanced Training from ISA – How to Write a Broad Evidence Report

ISA’s Oct. 20 webinar on the broad evidence report is a perfect opportunity for ISA candidates for CAPP certification, as this type of report is now required for final peer review. But, don’t let that dissuade you if you’re not applying for CAPP certification. The one-hour, live webinar, explaining and clarifying the concept of the broad evidence rule, will be beneficial to all appraisers, regardless of previous experience in preparing complex broad evidence appraisals.

ISA Live Webinar: The Broad Evidence Report
6:00-7:00pm CT on Oct. 20
1 ISA Professional Development Credit
Members: $40.00   Non-members: $40.00
Presenter: Leon Castner, ISA CAPP
Register Now

What is the broad evidence rule? The broad evidence rule is used by insurance companies to determine the cash value to be paid out to the insured in the event of a claim. As opposed to using the traditional cash value (replacement cost minus depreciation), the broad evidence rule can take into account such factors as the age of the property, its tax value and any possible profits the item may have accrued. The broad evidence rule does not specify any one method to value any one piece of property, only that the means which most accurately display the true cash value of the property will be used.

Although a brief history of the concept will be stated during the webinar on Oct. 20, the presentation will be more pragmatic and provide suggestions as to how to perform the appraisal and how the report should be formatted. It will cover the who, what, where, when, why, and how of the process and seek to be clear, straightforward, and practical.

Following the presentation, there will be time for a Question and Answer session.

10 Reasons to Attend the ARC Course on Sept. 29

Here’s our second installment of our Top 10 Reasons to Attend an ISA Course. This time, it’s for the Antiques and Residential Contents (ARC) Course, coming up Sept. 29 to Oct. 5 in Naperville, Ill.

Ten Reasons to Attend the ARC Course

1. Complete a required step for achieving Accredited Member status
2. Learn how to recognize valuable items in many categories
3. Make new business contacts and friends
4. Earn 52 ISA Professional Development credits
5. Get hands-on experience in a local antique shop
6. Learn the lingo for describing different items
7. Gain from others’ experience in classroom discussions
8. Take the mystery out of furniture identification
9. Enjoy great accommodations at the Marriott and NIU
10. Broaden your competency areas
11. Discover the latest trends and tips in this category through our recently added Lecture, “Trends and Tips for 2014/2015”

This is the time to expand your skills and set yourself up for greater success. Do it through ISA education. Register for the ARC course today.

Board of Directors Election Results Announced!

We are pleased to announce the results of the recent ISA Board of Directors election. Three positions were available during this cycle, and we’d like to congratulate ISA’s newest incoming/continuing board members:

Perri Guthrie, ISA CAPP (Woodside, CA)

Cindy Charleston-Rosenberg, ISA CAPP (Elkins Park, PA)

Fred Winer, ISA CAPP (Baltimore, MD)

Thank you to all ISA members who participated in this important process by taking the time to cast your votes.

Nini Hamalainen, ISA CAPP and Selma Paul, ISA CAPP will be retiring from the board in November. Continuing board members include: Christine Guernsey, ISA CAPP; Libby Holloway, ISA CAPP; Steve Roach, ISA AM; Hughene Acheson, ISA AM; Marian Aubry, ISA CAPP; and Karen Rabe, ISA CAPP.

Perri and Fred will become officially seated at the next ISA Board of Directors meeting on Nov. 14 in Chicago. Officer elections will take place at that time, with results to be announced shortly thereafter.

Congratulations to Perri, Cindy and Fred!

Future Revisions to USPAP

The Appraisal Standards Board has issued their third exposure draft of proposed changes for the 2016-2017 edition of USPAP. Although the last thing on your mind is what might occur with USPAP in 2016, it does give rise to pondering issues that are sure to be significant in only a few years. Since the ASB is requesting comments on these proposals, I thought it might be wise to list a couple of them that might raise an eyebrow and even result in a few of members taking the time to put their thoughts on paper.

• Changing the definition of an appraisal report to any communication of an appraisal or appraisal review to a client or authorized party that includes a signed certification. (Oral reports will still require the certification to be included in the workfile.) This will allow other correspondence sent between appraiser and client to be considered as preliminary and/or a “draft.”
• Drafts must be clearly stated as “drafts” and that the opinions rendered are subject to change. They must not contain a signed certification. These communications must be kept on file or in file until superseded by the subsequent report.
• Appraisal review reports may be exempt from the requirement to report the effective date of the review, unless it includes an assignment to value the property.
• The ASB is suggesting retirement of ALL Statements on Appraisal Standards.
• Any fees paid for the procurement of an assignment must be disclosed including referral fees or fees associated with a delivery system required by the client (a portal).

As you can see, revisions and issues never stop. These are only proposals, but this is the last draft for public comment. Go to www.appraisalfoundation.org for more information or to submit any personal comments.

Leon Castner, ISA CAPP