The Organizations That Accredit Appraisal Professionals
Before you engage an appraiser for your estate planning or downsizing needs, you should obtain specific information: the appraiser’s years of experience, areas of specialization, formal training, fees, expected date of appraisal completion, and the number of appraisal document copies needed.
Freeman’s recommends that you engage an appraiser who is either an accredited or certified member of the Appraisers Association of America (AAA), the International Society of Appraisers (ISA), or the American Society of Appraisers (ASA). If an appraiser is a member of one of these organizations, they are considered a “qualified appraiser,” a designation that the IRS favors.
To join any of these organizations, sample reports for different appraisal needs are reviewed and approved; appraisers must meet educational standards; and each candidate must have completed and passed a course on the Uniform Standards of Appraisal Practice (USPAP).
Selecting an appraiser from one of these organizations assures clients that their report will be reliable, trustworthy, and high quality. But what exactly are the AAA, ISA, and ASA?
While these three major professional organizations may seem similar, in truth each is distinct and provides different options to appraisers looking to join. Each organization maintains a professional code of ethics that all appraisers must operate under. Whether you’re an appraisal professional looking to join, or a private individual searching for a reputable resource, these three organizations are the final word in appraisers.
The Appraisers Association of America
Established in 1949, the AAA counts among its members more than 900 appraisers with over 100 different areas of specialization. This dynamic nonprofit organization has a strict code of ethics requiring that their appraisers serve the public interest objectively and professionally, and offers educational courses and development opportunities.
The AAA’s certificate program, the Comprehensive Appraisal Studies Program (CASP), “provides students with the tools to uphold the standards of professional appraisal practice.” Many AAA members are seasoned professionals who work in major institutions, museums, and auction houses.
The International Society of Appraisers
The ISA, as its name suggests, has members in both the United States and Canada—more than 1,300, to be precise. Founded in 1979, the ISA began offering personal property appraisal courses in 1982, and today offers courses on appraisal theory, practice and principals.
This member-driven association aims to “enhance public trust by producing qualified and ethical appraisers who are recognized authorities in personal property appraising.” To this end, in 2002 the ISA started the Foundation for Appraisal Education, which raises money to provide scholarships and financial aid for those looking to advance their education in the field of personal property appraising. This nonprofit arm delivers $1,000 awards to new and registered appraisers for courses and educational opportunities.
The American Society of Appraisers
The ASA was first established in 1952 following the consolidation of two prior groups: the American Society of Technical Appraisers (ASTA, organized in 1936), and the Technical Valuation Society (TVS, organized in 1939). The ASA aimed to establish “an effective professional affiliation of appraisers of all disciplines,” and at the heart of its mission is the goal to elevate the professional standards of appraising.
The ASA strives for “universal recognition that its members are objective, unbiased appraisers and consultants of values.” This multidisciplinary nonprofit represents a range of appraisal fields, including business valuation, jewelry, personal property, real estate property, and appraisal review. Like the AAA and ISA, the ASA offers educational programs via its nonprofit Educational Foundation, which was chartered in 1967.