Appraisal societies warn about using uncredentialed appraisers
In an effort to better inform the public of valuable qualification standards for appraisers, the American Society of Appraisers, Appraisers Association of America, and the International Society of Appraisers, have partnered in the “Circle of Trust” initiative.
The three major personal property appraisal organizations jointly announce an initiative to educate the public regarding meaningful qualification standards for appraisers. The American Society of Appraisers, the Appraisers Association of America and the International Society of Appraisers support qualification standards required by the Department of Treasury, Internal Revenue Service (IRS) and the Appraisal Qualifications Board (AQB) of The Appraisal Foundation. All three professional associations adhere to these rigorous standards, which improve appraiser professionalism and competency.
The presidents of the three appraisal societies, Betty Krulik (AAA), Cindy Charleston-Rosenberg (ISA) and Gary Smith (ASA) released a joint statement saying, “We are proud to stand together, creating a circle of trust to protect the public by upholding the values, ethics and credentials of each of our organizations through a demanding credentialing processes that includes training and testing of all members on valuation theory, professional methodologies and product knowledge.”
Members of these associations earn their credentials through a stringent admissions, training and testing process; are required to comply with IRS and AQB guidelines; adhere to a code of ethics; and complete continuing education requirements. These qualifications provide a level of professionalism that is unmatched, and ensure the public that appraisals performed by an accredited appraiser are among the most reliable appraisals available.
All three organizations strongly urge the public to verify the educational and experiential background of an appraiser prior to retaining their services and to be wary of red flags that indicate an appraiser may not be objective in conducting appraisals. Appraisal red flags include charging for appraisals based on the appraised value of an item or offering to purchase an item the appraiser has appraised. Professional, competent appraisers always conduct appraisals at “arm’s length,” without self-interest.
Questions or requests for further information about this joint announcement may be directed to: American Society of Appraisers [800-272-8258], Appraisers Association of America [212-889-5404] or International Society of Appraisers [312-981-6778].
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