Appraisal Standards, Legal Issues and Regulation of the Appraisal Profession:
The profession of appraising personal property is self-regulated. Legislative and law enforcement agencies turn to professional associations such as the Appraisers Association of America to set standards that can be used in court cases and other regulatory situations.
Jonathan Lerner is a member in good standing: Appraisers Association of America
The Appraisers Association of America is affiliated with The Appraisal Foundation based in Washington, D.C., and serves on The Appraisal Foundation Advisory Committee (TAFAC). The Appraisal Foundation is a non-profit educational organization established in 1987 to foster professionalism in valuation through the establishment and promotion of professional appraisal standards and appraiser qualifications. The Foundation accomplishes its mission through the work of two independent boards, the Appraiser Qualifications Board (AQB) and the Appraisal Standards Board (ASB). The AQB establishes the minimum education, experience and examination criteria for appraisers and the ASB promulgates the generally accepted standards of the valuation profession. Since its inception, the Foundation has worked to foster professionalism in appraising by establishing, improving, and promoting the Uniform Standards of Professional Appraisal Practice (USPAP).
The Uniform Standards of Professional Appraisal Practice (USPAP) are the generally accepted standards for professional appraisal practice in North America.
It is important for the appraiser, on behalf of the client, to be aware of what legal and ethical issues may affect the legitimacy of the client's insurance claim, estate settlement or tax return. The Appraisers Association of America offers its members continuing educational opportunities, informing them of important valuation developments and providing an extensive network of experienced colleagues who can offer advice on common legal questions as well as insight into groundbreaking developments in significant court cases.
