For the Thursday paper I wrote a story about a controversial bill at the legislature that seeks to clarify the role of real estate agents when it comes to conducting broker price opinions, which some appraisers say are often being used as a subsitute for a full appraisal conducted by licensed appraiser.
Jim Billings, a Twin Cities-based art and antiques appraiser, said that some of the same issues have arisen in the world of personal property appraisals, which are also governed by Uniform Standards of Professional Appraisal Practice rules. Billings wrote a very interesting article, which was published in April edition of the "The Old Times" magazine, which highlights some of the parallel issues.
Here's an excerpt:
"Appraising personal property has undergone ever tightening standards. As a legal document, an appraisal may have to be defended in court. Ethics are tighter, methodology more uniform and sophisticated.
By the 1970s three professional organizations for appraising personal property began stiffening requirements. Membership required recommendations. Samples of their appraisals were sent and judged. Beginning in 1987, the Appraisal Standards Board of the Appraisal Foundation initiated codification. Recently two federal statutes have enforced this trend. These statutes address standards for examination, research, competency, record keeping, ethics, and confidentiality. Now each society requires credentialing from the Appraisal Standards Board of the Appraisal Foundation based upon a 15 hour course and an exam. Continually updated Uniform Standards of Professional Appraisal Practice (USPAP) documents these standards"
