Appraisal Assistance

Dave Maloney has a very interesting article on the Appraisers Post about when assistance is provided to appraisers. Dave's article goes into some depth regarding USPAP requirement, record retention and what is considered significant assistance. As personal property appraisers, we typically call other appraisers for advice, guidance and valuation help. When doing so, we need to know what is considered significant assistance, Dave's article goes a long way in explaining and guiding appraisers on what course of action should be taken.

The issue is addressed in part by USPAP’s Advisory Opinion 31 Assignments Involving More than One Appraiser, but AO-31 addresses only assistance provided by other “appraisers” who are providing “appraisal” assistance. For the personal property appraiser, however, who often makes use of appraisal as well as non-appraisal assistance from other appraisers, or who consults with experts who are not "appraisers," the issue becomes much less clear.

The personal property appraiser becomes involved with others who provide assistance with an appraisal or appraisal review assignment in a variety of scenarios. They typically include:

* Two appraisers having similar areas of expertise working together on an assignment as equals
* A specialist appraiser contributing significantly to an assignment from within his or her specialty areas such as as a fine art appraiser valuing the paintings or a GIA gemologist appraiser valuing the jewelry
* An appraiser who contributes to an assignment in a manner not considered to be significant
* A staff appraiser who conducts research and analysis that is reviewed and typically relied upon by the primary appraiser
* A non-appraiser consultant/expert who contributes to an assignment

The issue of which USPAP obligations are applicable to the primary appraiser as well as to the assisting appraiser or the non-appraiser consultant/expert is a multi-faceted issue that requires a clear understanding of several USPAP issues and requirements.

To read the full article, click HERE.