Frequently Asked Questions (FAQ) - continued

WHY IS IT IMPORTANT TO HIRE AN ASA OR RICS ACCREDITED APPRAISER? 

Accredited appraisers, such as those holding the Accredited Senior Appraiser (“ASA”) designation provided by the American Society of Appraisers, are held to a higher standard.

ASA designated appraisers are bound by the Uniform Standards of Professional Appraisal Practice (“USPAP”) published by the Appraisal Standards Board and the Principles of Appraisal Practice and Code of Ethics of the American Society of Appraisers.

RICS designated appraisers are bound by a series of appraisal and valuation standards known as "The Red Book," which governs the way an appraisal is performed and how the appraisal report is written.

In addition, they are required to continually update their education and to re-accredit their designation every five years.

For more information on the American Society of Appraisers, The Royal Institution of Chartered Surveyors, USPAP and other applicable subjects, please visit our Links Page.

WHY IS THE ASA OR MRICS ACCREDITATION A BENEFIT FOR YOU AS A CLIENT?

Utilizing an ASA or RICS accredited appraiser provides you with assurance of the following:

• The appraiser will provide a truly unbiased opinion of the value of the asset or assets being valued
  
  
• The appraiser is performing an independent consulting project or valuation
  
  
• The appraiser is performing the valuation or consulting project in an ethical and competent manner
  
  
• Confidentiality will be maintained
  
  
• The report produced and the values concluded will be adequately detailed for the stated purpose, will be reliable and accurate, and will not be misleading
  
  
• The appraiser is not being compensated based on the value concluded
  
  
• Due to the continual education requirements, the appraiser is keeping up to date with the latest valuation techniques and processes
  
  
• The appraiser will consider all of the relevant approaches to value and will use the appropriate approach for the valuation of the asset or assets
  
  
• The appropriate market place and highest and best use of the asset or assets will be considered
  
  
• Adequate detail to support the valuation conclusions will be maintained for a period of at least five years or two years after the final disposition of any judicial proceeding in which testimony was given (whichever is greater)