Why (USPAP) Uniform Standards of Professional Appraisal Practice Compliance Is So Important
Appraisals and appraisers are not all the same, and once you realize that accreditation is optional, how can you protect yourself from a lousy evaluation? The need to hire an appraiser is never apparent until you need one. For example, say you want to figure out how much great grandma's diamond ring is worth for your new insurance policy? Or maybe you need to figure out the value of another pricey item you'd like to sell, such as a one-of-a-kind art piece or an antique vehicle? Or perhaps you need to find a valuation of a purchase you are considering, such as a personal aircraft or helicopter? Whatever your needs, an appraisal can help you clear away some of the confusion and give you a solid footing for negotiating your purchase, insurance, or sale. Do you still feel unsure about trusting an appraiser to be fair and honest? You need to hire a Uniform Standards of Professional Appraisal Practice (USPAP) compliant appraiser! Read on to figure out what a USPAP compliant appraisal can do for you!
What Is Uniform Standards of Professional Appraisal Practice?
Following the Savings and Loan Crisis of the 80s, USPAP was formed to formalize the practice of appraising and protect the interest of you, the client. USPAP is backed by the United States Congress and other state governments, meaning it is legally enforceable. Recently, the IRS announced a requirement that all appraisals must be USPAP-compliant to be accepted as valid documentation for tax purposes. Although USPAP is the standard of the appraisal industry, not all appraisers are USPAP-compliant. Being USPAP-compliant requires annual training to receive and maintain your certification. This means that appraisers must opt for this additional certification and, for the most part, are not required to have it.
What Can You Expect?
When you ask for a USPAP compliant appraiser, you can rest assured that your appraiser will be:
- Independent and impartial;
- Highly competent;
- Not swayed by competing interests; and
- Able to write reports that are accepted in the court of law.
Choosing a USPAP appraisal means you are choosing ethical and transparent information. You can rest assured that your evaluation is of the highest quality, and you are being given valid information.
Why Is USPAP So Important?
Fortunately, when a USPAP appraisal is performed, it provides documentation of the machinery's value, which will hold up to substantial scrutiny in a wide range of situations. The standard has been tested in many cases, so it is trusted as an accurate measure of value for the machinery in question. An appraisal report prepared by a certified appraiser ensures that your interests are being protected during the process. Making sure you choose a USPAP compliant appraisal takes the guesswork out of valuation. You know you can trust the number no matter what. Choose a USPAP compliant Appraisal Today! When buying or selling a big-ticket, unique item, you need to have an appraisal you trust so that you can negotiate from solid ground. Do your research, use online tools such as VREF Online, and get a Uniform Standards of Professional Appraisal Practice-certified appraisal. Need help finding a USPAP compliant appraiser? We can help! Click here to read more about us!