Estate Appraisal | 4-minute read
Personal Property | Appraisal | USPAP

A professional personal property appraisal may be necessary for assuring the equitable distribution of assets among the heirs of an estate.  A personal property appraisal may be required for tax purposes.  The court may order an estate’s personal property appraisal.

For several reasons, you may find yourself seeking an appraisal of personal property done for the estate.  Therefore it may be helpful to know of the minimum standards of practice of appraisal, and the organizations tasked with compliance with the standards.

There is no national licensing requirement for professional appraisers.

USPAP

Per, Wikipedia…

“Uniform Standards of Professional Appraisal Practice (USPAP) can be considered the quality control standards applicable for real property, personal property, intangible assets, and business valuation appraisal analysis and reports in the United States and its territories.“

The Appraisal Foundation

Congressionally authorized to set standards and qualifications for real estate appraisers, and qualifications for personal property appraisers, and provide voluntary guidance on recognized valuation techniques and methods for all valuation professionals, ensuring that appraisals are independent, consistent, and objective.

In 1987, the Committee established the Appraisal Foundation to implement The Uniform Standards of Professional Appraisal Practice.   USPAP is the generally accepted set of appraisal standards in the United States.

In 1989, the U.S. Congress enacted the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), which authorized the Appraisal Foundation as the source of appraisal standards and qualifications.

The Foundation is not a membership organization but rather is composed of other organizations.

The Appraisal Foundation – Sponsor Organizations

These organizations require that their members meet the criteria for appraisal professionals of personal property as outlined by The Appraisal Foundation.  While the USPAP does not prescribe methodology for establishing values, the following not-for-profit professional membership organizations may present methods as part of their educational missions.

American Society of Appraisers

2121 Cooperative Way, Suite 210
Herndon, VA 20171
(800) 272-8258

International Society of Appraisers

1100 E Woodfield Rd., Suite 350
Schaumburg, Illinois 60173
(312) 981-6778

“To become an ISA member, appraisers must first complete the 15-Hour USPAP course. Once completed, members must complete the 7-Hour USPAP course each subsequent, two-year USPAP cycle.”

Appraisers Association of America

212 West 35th Street, 11th Floor South
New York, NY 10001
(212) 889-5404

“The Appraisers Association is a sponsor of the Appraisal Foundation. To maintain our sponsorship, we must ensure that all of our members meet the standards set forth by the Foundation. ”
“All members of the Appraisers Association must take USPAP every 24 months.”

North Carolina Professional Appraisers Coalition

1821 Hillandale Rd, Ste 1B-145
Durham, NC 27705
(800) 310-8860

 

Read More:

Appraisers Association of America: About USPAP: What is USPAP?

The Appraisal Foundation – Store: NEW 2024 USPAP (PRINT)

The Appraisal Foundation: Personal Property Best Practices page

The Appraisal Foundation: The Personal Property Owner’s Guide to Appraisal Services

The Appraisal International Society

IRS:
Title 26—Internal Revenue CHAPTER I—INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY SUBCHAPTER B—ESTATE AND GIFT TAXES PART 20—ESTATE TAX; ESTATES OF DECEDENTS DYING AFTER AUGUST 16, 1954 Gross Estate § 20.2031-6 Valuation of household and personal effects.
§ 20.2031-6 Valuation of household and personal effects.