Outline for the 2016-2017 edition of the "Complete Online Course
in Personal Property Appraising"
This is a unique course. There is no other complete online course for the personal
property appraiser. This course is designed to aid personal property
appraisers seeking competency in
appraisal
theory,
principles,
methodology
and
report
writing.
The Complete Online Course in Personal Property Appraising is an extensive course which addresses the core knowledge necessary
for the professional
personal
property appraiser who is seeking competency in appraisal theory, principles,
standards, methodology and report writing skills in order to practice at the
highest standards of ethics and performance. Some of the
areas
covered
in this course include:
- The
duties of a professional appraiser
- Types of appraisals and their intended
uses (donation, insurance, estate,
liquidation, etc.)
- The "Appraisal Process" including problem identification, defining the scope of work, determining one's competency
- Approaches to value
- Value types and their definitions
- Selection of the most appropriate market to research
- Uniform Standards of Professional Appraisal Practice
- Tax regulations regarding federally-related appraisals for donation,
gift, inheritance and estate purposes
- Research techniques
- Ethics
- Running an appraisal business
- Working with the client
- Constructing an appraisal report
- A brief review of prominent cases such as Anselmo, O'Keeffe,
Sammons, Querbach and Goldman which address
key issues relating to appraising
including appropriate
market from which to acquire comparable
sales data, valuing contraband, malpractice, fraud, clear title,
fair market
value, blockage
discounts, USPAP, etc.
Lesson 1: Appraisal Terminology
USPAP
Appraisal
Report
(emphasis on issues relating to oral appraisal reports)
Appraiser
Valuation Services
Appraisal Practice
Competency
Online
Appraisals
Personal Property
Intangible Property
Appreciable vs.
Depreciable Personal Property
Comparable Properties
Bundle of Rights/Ownership
Rights
Client
Intended User
Scope of Work
Intended Use
Value vs. Cost vs.
Price
Assignment Conditions
Limiting Conditions
Extraordinary Assumptions
Hypothetical Condition
Jurisdictional Exception
Objective of an
Assignment (Appraisal, Appraisal Review, Appraisal Consulting)
Market
Primary vs. Secondary
Markets
Appraisal Process
Lesson 2: Appraisal Principles Part I — Value and Cost
Value (Value-in-use, Value-in-place, Value-in-exchange)
Types and Definitions of Value (Market
Value and market value types, Fair Market Value, Forced and Orderly Liquidation
Values,
Investment
Value,
Replacement
Value, Salvage and Scrap Value, Loss-of-Value, Replacement Value, Actual Cash
Value, Present Value, Loss-of-Value, Marketable Cash Value, Net Value, Book Value,
Insurable Value)
Types of Cost (Replacement
Cost (New), Replacement Cost (Comparable), Repair Cost)
Walk-throughs
Non-Monetary Opinions
Lesson 3: Appraisal Principles Part II
Scope of Work
Inspection vs. Non-Inspection
Intended Use of
an Appraisal
Objective of an
Appraisal
Valuing Ownership
Rights
Property Interests
Contraband Property
Three Types of Property
Three Approaches
to Determining Value (Sales
Comparison Approach, Cost
Approach, Income
Approach)
Lesson 4: Appraisal Principles Part III - Intended Uses of Appraisals
Appraisals for Buying
or Selling
Appraisals for Transit-Related
or Insurance Casualty Loss and Damage
Appraisals for Equitable
Distribution
Appraisals for Acquiring Insurance
Federal Tax Liability
Applications (Qualified Appraiser, Qualified Appraisal, IRS Form 8283, Donation
Appraisal,
Estate Appraisal,
Gift
Tax Appraisal, Casualty Loss Appraisal, Bankruptcy Appraisal)
Liquidation Appraisals (Sales
Advisory)
Estates & Trusts Taxes
Litigation Appraisals and
Related Services
Ad Valorem Property
Tax Appraisals
Collateralized Loan
Corporate Financial Reporting
Lesson 5: Appraisal Principles Part IV
Value Creators
Value Relevant
Property Characteristics
Depreciation
Obsolesences
Effective Date of
the Appraisal
Date
of the Report
Date of Inspection
Current, Retrospective and Prospective
Appraisals
Fractional Appraisals
Preliminary Appraisals
Draft Reports
Contingent
Appraisals
Hypothetical Appraisals
Limiting Conditions
Extraordinary Assumptions
Using Photographs
to Appraise When a Hands-On Inspection is Not Possible
Online Internet
Appraisals
Valuation Discounts
(After Death, Fractional Interest and Blockage Discounts)
First
exam. Locally proctored. more
Lesson 6: Appraisal Principles Part V
Marketplace Principles (Balanced
Market, Perfect vs. Imperfect Markets, Principle of Supply and Demand)
Valuation
Principles (Principle of Anticipation, Principle of Substitution, Principles
of Regression
and Progression, Principle of Conformity, Principle of Competition, Principle
of Qualitative Ranking, Principle of Sampling, Principle of Contribution, Principle
of Decreasing Returns, Principle of Marginal Utility, Principle of Identification,
Principle of Highest and Best Use)
Copies/Fakes/Forgeries/Reproductions/Fantasy
Items
Due Diligence
Identification
Authentication
Levels of Attribution
When to Authenticate
Readily Apparent
Identity
Disclaimers
Terms
of Use
Lesson 7: Uniform Standards of Professional Appraisal Practice (USPAP)
History of Appraisal Standards
The Appraisal Foundation (TAF) and its four boards: BOT, ASB, AQB, APB
TAF Sponsors, Advisory Councils and Groups
The Appraisal Subcommittee
USPAP: Purpose, Beneficiaries, Assignment and property types governed by USPAP
The Structure of USPAP: DEFINITIONS, PREAMBLE, ETHICS RULE, COMPETENCY RULE, SCOPE OF WORK RULE, RECORD KEEPING RULE, JURIDICTIONAL EXCEPTION RULE, STANDARDS 7, STANDARD 8, STANDARD 3, STANDARDS 1-2, 4-6, 9-10, Statements on Appraisal Standards (SMT), Advisory Opinions (AO), Frequently Asked Questions (FAQ), Comments
USPAP Certification
The Appraisal Process and USPAP
Appraisal Report Options
When Must an Appraiser Comply with USPAP?
Appraisal Report Options (Self-contained, Summary, Restricted use)
Personal Property Appraiser Minimum Qualification Criteria (PPAMQC)
Lesson 8: Ethics and Standards of Professional Conduct
Codes of Ethics
USPAP and Ethics
Appraiser is a Professional
Appraiser is not a Fiduciary
Ethical Obligations to Clients
Ethical Obligations to Other Intended Users
Ethical Obligations to Colleagues
and the Appraisal Profession
Ethical Obligations When Giving Testimony
Conflict of Interest
Fee Structures
Misrepresentation in Advertising or Self-Promotion
Unconsidered Opinions
Lesson 9: Research
Determining the Most Appropriate Market
Value Type and Definition Defines Market to Explore
Levels of Trade
Market Levels
Four Steps to the Research Process
Research Resources (Books & Periodicals,
Internet, Museums & Libraries, Specialist Dealers, Authors, Editors, Collector Clubs, Networking
with Colleagues)
Stolen Art
When Assignment has More than
One Appraiser
Documenting Appraisal Assistance Provided
Documenting Resource Evidence
Lesson 10: Describing Property
Describing Property
Object
ID
Three Criteria for Describing Property
Examples of Property Descriptions
Describing
Groupings, Collections and Accumulations
Lesson 11: Writing an Appraisal Report
Required Content
Depends on Type of Appraisal
Self-Contained Appraisal Content
Summary Appraisal Content
Restricted Use Appraisal Content
Appraisal Report Structure (Appraisal-specific information, Item-specific information,
Supporting documentation)
Cover Letter vs.
Transmittal Letter vs. Cover Document: What’s the Difference?
Sample Appraisal
Report Wording
Software Programs
for the Appraiser
Lesson 12: The Professional Appraisal Practice
The Professional Appraisal Practice
Business Development
Your Business Web Site
Professional Development
Your Curriculum Vitae
Office Furnishings and Equipment
Basic Appraiser Techniques
Initial Client Contact
Prospective Client Follow-up
Contracts
Client Data Form & Assignment
Activity Log
What to do When on Site
Commonly Used Tools of the Appraiser
Making use of Photographs
Delivering the Appraisal Report and Getting Paid
Electronically Transmitted Reports
Appraisal Updates
Record Keeping
Expert Witness Testimony
Lesson 13: Legal Issues of Interest to the Appraiser (this lesson is not testable)
Bailment
Having Good Title
Dealer/Appraiser Fraud
Malpractice (Professional Negligence)
Negligent Referral
Tax Court Cases: Most Appropriate Market
Tax Court Cases: Fair Market Value
Tax Court Cases: Buyers Premium
Tax Court Cases: Blockage Discount
Tax Court Case: After Death Discount
Tax Court Case: Fractional Interest Discount
Tax Court Case: Deduction Allowed for Donation of Contraband
Tax Court Cases: Is USPAP Compliance Determinant?
Who Owns an Appraisal?
Laws Affecting Possession of or Trade in Contraband Property
Second
exam. Locally proctored. more
Final appraisal report project. more |
