The most important part of of any appraisal begins with careful discussion with the client to completely understand their objectives, priorities, intended use and users of the report and much more including budget and cost. Only then can the decision be made as to which online appraisal report type is best for you. Only then can any live and remote online appraiser of personal property and residential contents proceed to conduct the scope of work necessary, and then meaningfully report the appraisal or valuation solution while meeting the national online appraisal reporting requirements.
Later, if needed, the remote online appraiser can produce whatever report type is most appropriate. The burden is on the virtual video online appraiser to credibly, competently and ethically solve the problem presented and provide a proper report, whether oral (see below) or formal.
All personal property appraisers should comply with the Uniform Standards of Professional Appraisal Practice (USPAP). Novotny teaches USPAP to personal property appraisers. Please review his AQB Certified USPAP Instructor Certificate at the bottom of this page. The OARD form below fulfills all minimum reporting elements required by USPAP so that the report is meaningful and properly understood.
"Oral Appraisal Report Disclosures" (OARD) forms provide the context to make the oral report meaningful and properly understood. Just talking is not enough. ALL onsite and remote online appraisals require proper disclosure of limiting conditions, assumptions and the scope of work conducted as well as the appraiser's signed USPAP Certification; the OARD form provides the context for proper understanding.
Determining the Proper Report Type:
A Restricted Appraisal Report (RAR) is an abbreviated formal appraisal report, formally prepared by the appraiser as an alternative to the similarly formatted OARD form based oral report. Formally prepared report formats are offered when appropriate to a specific intended use, usually for legal purposes or estate or trust management when special care and diligence is required. In some instances a more comprehensive formal appraisal report is required such as for litigation support or IRS tax calculation purposes.
Intended use identification is most critical. Other critical decisions relevant to preparing a meaningful report are directly linked to intended use such as the effective date, definition of value and the approach to value. Some common intended uses include:
The public must have a basis for their trust. Online appraisers are obligated at all times when performing as an appraiser to comply with the current edition of Uniform Standards of Profession Appraisal Practice (USPAP, 2020-2021). Bill Novotny was the first personal property appraiser to be certified (2002) by the Appraisal Foundation as an "AQB Certified National USPAP".
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All appraisers must update to current minimum USPAP Standard
The minimum standards (USPAP) that apply to every appraiser are currently updated every two years to ensure personal property appraisers stay current and protect the public interest. Credible appraisals are vital to the national and world economy. The public needs appraisers and must have a basis for trust. The Appraisal Foundation was identified by Congress as the source of minimum Standards and Qualifications for all appraisers.
Novotny was the first personal property appraiser in the USA to be certified in 2002 to teach USPAP to all personal property appraisers. He has remained certified ever since and regularly teaches USPAP classes on nearly a monthly basis to personal property appraisers. His current "AQB Certified USPAP Instructor Certification" is current until early 2022 and is shown below. Find out more!