Appraising Personal Property: Principles and Methodology

Just prior to Christmas I mentioned the new personal property appraising guide by David Maloney, AOA CM, Appraising Personal Property: Principles and Methodology.  The new edition, like those in the past, continues with blending the latest theory, principles and methodology with the latest version (2016-2017) of the Uniform Standards of Professional Appraisal Practice.

This newest edition does not disappoint and delivers a thoughtful, well documented and useful guide to personal property appraising.  There is also a chapter on what is new in the book as well as icons throughout the manual where there is new and/or updated content.

The manual is 668 pages including the excellent index and glossary.  Put rather simply, the new Appraising Personal Property: Principles and Methodology is comprehensive. As I have noted about earlier editions, this is a personal property appraisal manual that all appraisers should have in their library, and it is also a book that allied professionals, such as dealers, gallerists, accountants, attorneys, financial planners and insurance agents/brokers should also possess and refer to as it will give them all a better understanding of appraising personal property, what is involved and what may be required for intended users.

What is impressive about Appraising Personal Property: Principles and Methodology, and has improved with each new edition, is how it not only accommodates the new appraiser as a general guide or course book, but how it also examines and expands upon the more complex and unique appraisal theory and principles, such as blockage discounts, broad evidence rule, post value comparable sales, legal issues and IRS regulations. For the new and experienced appraiser, there are numerous guides, charts, matrices, marketing tips, sample appraisals, and letters to take advantage of.

It is important to note Appraising Personal Property: Principles and Methodology is updated every two years when the version of USPAP is published.  This practice keeps the manual current with professional standards.  All Appraisal Foundation sponsors are required to follow USPAP and the Appraisal Foundation Appraisal Qualifications Board (AQB) qualification criteria.  That means staying current with USPAP and USPAP update classes as well as writing to the latest edition of USPAP.  As Appraising Personal Property: Principles and Methodology is updated at the same time as the new versions of USPAP are released, you can be assured of the current and proper standards being referenced in the manual. I can’t think of any other manual or appraisal guide currently offered which is on the same update schedule.(update, I have been informed the International Society of Appraisers also updates their Core Course manual according to the new versions of USPAP).

The Chapters Topics cover
  • Appraisal Terminology
  • Appraisals Principles
  • Ethics and Professional Conduct
  • Research
  • Describing Property
  • Writing an Appraisal Report
  • The Professional Appraiser
  • Legal Issues Affecting the Appraiser
As mentioned earlier, Appraising Personal Property: Principles and Methodology is comprehensive in nature, and covers the basics starting with practical knowledge components such as terminology, principles and report structure and then offers ample techniques for the more unique and complex personal property approaches and practices.

For those who are serious about professional personal property appraising and are looking for a current, all-inclusive, understandable manual with a proven knowledge based approach, then Appraising Personal Property: Principles and Methodology is a necessity to have in the appraisal research library. It is an excellent companion manual to current offerings from the International Society of Appraiser's Core Course in Appraisal Studies, and the Appraisers Association of America's Appraising Art, The Definitive Guide to Appraising the Fine and Decorative Arts, and of course the latest version of USPAP.

If you are only tangentially connected to personal property appraisals, this book is also a very useful as it will explain and clarify the personal property appraisal process in general terms with-out any biases or appraisal society criteria. Allied professionals such as accountants, bankers or attorneys who may wish a better understanding of personal property appraising, what they and their clients may require for the intended use, such as approaches to values, value principles and market levels or just to communicate better with the appraiser. Dealers and gallerists will also benefit as they too will have a better understanding of what a qualified appraiser and qualified appraisal is.

To order the new book, click HERE. The cost is only $94.95 and includes shipping.

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