WHY ENGAGE A PROFESSIONAL APPRAISER
According to The Appraisal Foundation, professional appraisers adhere to a written set of performance standards known as the Uniform Standards of Professional Appraisal Practice (USPAP). The US Congress has recognized USPAP as the generally accepted set of 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. USPAP compliance is also required by professional appraisal associations, client groups and by dozens of federal, state and local agencies.
By following USPAP, a professional appraiser helps foster public trust in valuation through:
Impartiality-A professional appraiser must be independent, impartial and objective. A professional appraiser’s opinion of value must not be biased.
Ethical Conduct-A professional appraiser will adhere to a generally recognized code of ethical conduct, which is contained in USPAP. In addition, many professional appraisal societies have their own codes of conduct.
Full disclosure-A professional appraiser will disclose all relevant information to ensure that the appraisal is understandable to the user, and not misleading.
Confidentiality-A professional appraiser will treat confidential information as such. When in doubt, the appraiser should always check with the client to determine what is or is not confidential information.
Competency-A professional appraiser should have knowledge and experience in performing similar assignments.
Independence-A professional appraiser cannot be compensated based upon the results of the appraisal.