This is a unique course. There is no other complete online course for the personal property appraiser. This course is designed to aid personal property appraisers seeking competency in appraisal theory, principles, methodology and report writing. The 2024+ Complete Online Course in Personal Property Appraising (featuring USPAP) is an extensive course which addresses the core knowledge necessary for the professional personal property appraiser who is seeking competency in appraisal theory, principles, standards, methodology and report writing skills in order to practice at the highest standards of ethics and performance. Some of the areas covered in this course include:

  • The duties of a professional appraiser
  • Types of appraisals and their intended uses (donation, insurance, estate, liquidation, etc.)
  • The "Appraisal Process" including problem identification, defining the scope of work, determining one's competency
  • Approaches to value
  • Value types and their definitions
  • Selection of the most appropriate market to research
  • Uniform Standards of Professional Appraisal Practice
  • Tax regulations regarding federally-related appraisals for donation, gift, inheritance and estate purposes
  • Research techniques
  • Ethics
  • Running an appraisal business
  • Working with the client
  • Constructing an appraisal report
  • A brief review of prominent cases such as Anselmo, O'Keeffe, Sammons, Querbach and Goldman which address key issues relating to appraising including appropriate market from which to acquire comparable sales data, valuing contraband, malpractice, fraud, clear title, fair market value, blockage discounts, USPAP, etc.

Here is the entire course outline:

Lesson 1: Appraisal Terminology

  • USPAP
  • Appraisal
  • Appraisal Reviews
  • Mass Appraisals
  • Report (includes issues relating to oral appraisal reports)
  • Appraiser
  • Valuation Services
  • Appraisal Practice
  • Competency
  • Online Appraisals
  • Personal Property
  • Intangible Property (Intangible assets)
  • Appreciable vs. Depreciable Personal Property
  • Comparable Properties
  • Bundle of Rights/Ownership Rights
  • Client
  • Intended User
  • Credibility
  • Scope of Work
  • Intended Use
  • Value vs. Cost vs. Price
  • Assignment Conditions
  • Limiting Conditions
  • Extraordinary Assumptions
  • Assumptions (Non-Extraordinary)
  • Hypothetical Condition
  • Jurisdictional Exception
  • Objective of an Assignment (Appraisal, Appraisal Review, Appraisal Consulting)
  • Market
  • Primary vs. Secondary Markets
  • Appraisal Process

Lesson 2: Appraisal Principles Part I — Value and Cost

  • Value (Value-in-use, Value-in-place, Value-in-exchange)
  • Types and Definitions of Value (Market Value and market value types, Fair Market Value, Forced and Orderly Liquidation Values, Investment Value, Replacement Value, Salvage and Scrap Value, Loss-of-Value, Replacement Value, Actual Cash Value, Present Value, Loss-of-Value, Marketable Cash Value, Net Value, Book Value, Insurable Value)
  • Types of Cost (Replacement Cost (New), Replacement Cost (Comparable), Repair Cost)
  • Walk-throughs
  • Non-Monetary Opinions

Lesson 3: Appraisal Principles Part II

  • Scope of Work
  • Inspection vs. Non-Inspection
  • Intended Use of an Appraisal
  • Objective of an Appraisal
  • Valuing Ownership Rights
  • Property Interests
  • Contraband Property
  • Three Types of Property
  • Three Approaches to Determining Value (Sales Comparison Approach, Cost Approach, Income Approach)

Lesson 4: Appraisal Principles Part III - Intended Uses of Appraisals

  • Appraisals for Buying or Selling
  • Appraisals for Transit-Related or Insurance Casualty Loss and Damage
  • Appraisals for Equitable Distribution
  • Appraisals for Acquiring Insurance
  • Federal Tax Liability Applications (Qualified Appraiser, Qualified Appraisal, IRS Form 8283, Donation Appraisal, Estate Appraisal, Gift Tax Appraisal, Casualty Loss Appraisal, Bankruptcy Appraisal)
  • Liquidation Appraisals (Sales Advisory)
  • Estates & Trusts Taxes
  • Litigation Appraisals and Related Services
  • Ad Valorem Property Tax Appraisals
  • Collateralized Loan
  • Corporate Financial Reporting

Lesson 5: Appraisal Principles Part IV

  • Value Creators
  • Value Relevant Property Characteristics
  • Depreciation
  • Obsolesences
  • Effective Date of the Appraisal
  • Date of the Report
  • Date of Inspection
  • Current, Retrospective and Prospective Appraisals
  • Fractional Appraisals
  • Preliminary Appraisals
  • Draft Reports
  • Contingent Appraisals
  • Hypothetical Appraisals
  • Limiting Conditions
  • Extraordinary Assumptions
  • Using Photographs to Appraise When a Hands-On Inspection is Not Possible
  • Online Internet Appraisals
  • Valuation Discounts (After Death, Fractional Interest and Blockage Discounts)

First exam. Online. Lesson 6: Appraisal Principles Part V

  • Marketplace Principles (Balanced Market, Perfect vs. Imperfect Markets, Principle of Supply and Demand)
  • Valuation Principles (Principle of Anticipation, Principle of Substitution, Principles of Regression and Progression, Principle of Conformity, Principle of Competition, Principle of Qualitative Ranking, Principle of Sampling, Principle of Contribution, Principle of Decreasing Returns, Principle of Marginal Utility, Principle of Identification, Principle of Highest and Best Use)
  • Copies/Fakes/Forgeries/Reproductions/Fantasy Items
  • Due Diligence
  • Identification
  • Authentication
  • Levels of Attribution
  • When to Authenticate
  • Readily Apparent Identity
  • Disclaimers
  • Terms of Use

Lesson 7: Uniform Standards of Professional Appraisal Practice (USPAP)

  • History of Appraisal Standards
  • The Appraisal Foundation (TAF) and its four boards: BOT, ASB, AQB, APB
  • TAF Sponsors, Advisory Councils and Groups
  • The Appraisal Subcommittee
  • USPAP: Purpose, Beneficiaries, Assignment and property types governed by USPAP
  • The Structure of USPAP: DEFINITIONS, PREAMBLE, ETHICS RULE, COMPETENCY RULE, SCOPE OF WORK RULE, RECORD KEEPING RULE, JURISDICTIONAL EXCEPTION RULE, STANDARDS 7, STANDARD 8, STANDARD 3, STANDARDS 1-2, 4-6, 9-10, Advisory Opinions (AO), Frequently Asked Questions (FAQ), Comments
  • USPAP Certification
  • The Appraisal Process and USPAP
  • Appraisal Report Options
  • When Must an Appraiser Comply with USPAP?
  • Appraisal Report Options (Self-contained, Summary, Restricted use)
  • Personal Property Appraiser Minimum Qualification Criteria (PPAMQC)

Lesson 8: Ethics and Standards of Professional Conduct

  • Codes of Ethics
  • USPAP and Ethics
  • Appraiser is a Professional
  • Appraiser is not a Fiduciary
  • Ethical Obligations to Clients
  • Ethical Obligations to Other Intended Users
  • Ethical Obligations to Colleagues and the Appraisal Profession
  • Ethical Obligations When Giving Testimony
  • Conflict of Interest
  • Fee Structures
  • Misrepresentation in Advertising or Self-Promotion
  • Unconsidered Opinions

Lesson 9: Research

  • Determining the Most Appropriate Market
  • Value Type and Definition Defines Market to Explore
  • Levels of Trade
  • Market Levels
  • Four Steps to the Research Process
  • Research Resources (Books & Periodicals, Internet, Museums & Libraries, Specialist Dealers, Authors, Editors, Collector Clubs, Networking with Colleagues)
  • Stolen Art
  • When Assignment has More than One Appraiser
  • Documenting Appraisal Assistance Provided
  • Documenting Resource Evidence

Lesson 10: Describing Property

  • Describing Property
  • Object ID
  • Three Criteria for Describing Property
  • Examples of Property Descriptions
  • Describing Groupings, Collections and Accumulations

Lesson 11: Writing an Appraisal Report

  • Required Content Depends on Type of Appraisal
  • Appraisal Report Content
  • Restricted Appraisal Report Content
  • Appraisal Report Structure (Appraisal-specific information, Item-specific information, Supporting documentation)
  • Cover Letter vs. Transmittal Letter vs. Cover Document: What’s the Difference?
  • Sample Appraisal Report Wording
  • Software Programs for the Appraiser

Lesson 12: The Professional Appraisal Practice

  • The Professional Appraisal Practice
  • Business Development
  • Your Business Web Site
  • Professional Development
  • Your Curriculum Vitae
  • Office Furnishings and Equipment
  • Basic Appraiser Techniques
  • Initial Client Contact
  • Prospective Client Follow-up
  • Contracts
  • Client Data Form & Assignment Activity Log
  • What to do When on Site
  • Commonly Used Tools of the Appraiser
  • Making use of Photographs
  • Delivering the Appraisal Report and Getting Paid
  • Electronically Transmitted Reports
  • Appraisal Updates
  • Record Keeping
  • Expert Witness Testimony

Lesson 13: Legal Issues of Interest to the Appraiser (this lesson is not testable)

  • Bailment
  • Having Good Title
  • Dealer/Appraiser Fraud
  • Malpractice (Professional Negligence)
  • Negligent Referral
  • Tax Court Cases: Most Appropriate Market
  • Tax Court Cases: Fair Market Value
  • Tax Court Cases: Buyers Premium
  • Tax Court Cases: Blockage Discount
  • Tax Court Case: After Death Discount
  • Tax Court Case: Fractional Interest Discount
  • Tax Court Case: Deduction Allowed for Donation of Contraband
  • Tax Court Cases: Is USPAP Compliance Determinant?
  • Who Owns an Appraisal?
  • Laws Affecting Possession of or Trade in Contraband Property

Second exam. Online. Final appraisal report project.

Last modified: Sunday, 1 September 2024, 2:50 PM