Last Thursday I attended The Appraisal Foundation Advisory Council committee meeting. I am the chair of the Personal property issues committee and would like to share the agenda and discussion items from the meeting. The following day was the actual TAFAC meeting where the minutes were accepted by TAFAC. In addition to our regular PPIC members, which includes representatives from ISA, AAA, NAA, ASA and AMEA, Dave Bunton Pres of the Appraisal Foundation and Kelly Davids VP of the Appraisal Foundation also attended. Special guests included Maggie Hambleton, Chair of the Appraisal Standards Board and Patricia Graham, Chair of the Personal Property Resource Panel.
Overall it was a very good meeting, and we are again starting to get tasked for ideas and participation in upcoming Appraisal Foundation programs and actives. I am pleased to see the PPIC starting to gain more traction with AF staff and initiatives. Some of topics we are working on includes developing program ideas for a joint Industry Advisory Council/TAFAC meeting this summer, as well as assisting the ASB in developing case studies examples regarding personal property for use in USPAP update classes.
We will of course continue to work on appraiser qualification outreach, looking to train and provide AF/USPAP/AQB Qualification information to users of appraisals and why it is so important to only hire qualified appraisers who write USPAP qualified appraisals. We needed, we also comment and make suggestion on USPAP exposures drafts and recommendations for USPAP changes and clarifications.
The submitted minutes are below.
Special Guest – Patricia Graham, Chair of the Personal Property Resource Panel
· Updates from AF staff – Dave Bunton and Kelly Davids updated the PPIC on potential plans for the Industry Advisory Council and TAFAC meeting this summer. The PPIC will make suggestions on PP content and programs for the meeting.
· Volunteerism – Discussed working with our organizations and to leverage membership for input, questions and content for PPIC initiatives.
· General discussion of working with the Personal Property Resource Panel - PPRP chair Patricia Graham gave background on her committee. The two committee chairs plan on discussing how we can work together to assist various initiatives and to not duplicate efforts.
· Appraisal Qualifications and Perceptions,. Discussed negative blog post by an art dealer about appraising. General consensus of the committee was to ignore the post as the exposure was limited, not promote it, and to continue to promote qualified appraiser sand appraisals.
· Develop personal property case studies for both 15 hours USPAP class and 7 hour update class for potential future USPAP ASB use. – Maggie Hambleton joined our meeting. By early 2019 the ASB will work with the PPIC in order to develop suitable and appropriate case studies for the ASB
· Continue outreach regarding USPAP and appraiser qualification criteria. Discuss potential for holding an outreach program at an appraisal conference to promote PP qualifications and outreach to organizations such as the ABA. Promote hiring qualified appraisers as best practices connecting with due diligence
· New Business – Notify the AF when we feel there is something that needs additional clarification and/or explanations regarding personal property content within USPAP.
· Motions for TAFAC approval if any - None
· Adjourn
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