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Uniform Standards of Professional Appraisal Practice | USPAP 

Uniform Standards of Professional Appraisal Practice, commonly referred to by the acronym USPAP, can be considered the quality control standards applicable for personal property (machinery and equipment), real property and intangible asset appraisers performing a valuation service. When appraisers comply with USPAP the client and intended users have a reason to put their faith in the machinery and equipment appraiser's opinions, analyses and conclusions and to believe that the appraisal is worthy of belief.  

By definition, an appraisal is an objective, impartial and unbiased opinion of defined value completed by a competent, ethical and qualified appraiser. It requires an understanding of the client's machinery and equipment appraisal problem, an identification of the property type, its value-relevant characteristics, and the proper approach(s) to apply to appraise the machinery and equipment according to the purpose. Machinery and equipment appraisal reports must be USPAP compliant, meaningful to the client and intended users, relevant to intended use and not misleading.  

Machinery & Equipment Appraisers Must Identify the Problem

There are several elements of the client's appraisal problem that must be properly understood by the machinery appraiser before the appraiser can proceed. This first step in the appraisal process is called problem identification, and is the most important challenge the machinery appraiser faces in every appraisal assignment. STANDARD RULE 7-2 of USPAP establishes the elements and requirements of problem identification.

The elements that must be identified include intended use, intended user(s), the effective date, the type and definition of value, the relevant property characteristics and assignment conditions. Intended use, or purpose for the appraisal, is by far the most important to determine with the client. Proper problem Identification is necessary to determine whether the appraiser is competent to complete the assignment credibly, and then determine the scope of work that will be necessary to solve the client's appraisal problem credibly.

The Value Definition Determines the Relevant Market

The machinery appraiser's choice of the value definition and the market level to investigate must be relevant to intended use and other assignment conditions. The value definition that is most relevant to intended use must be identified by the appraiser.  Only then can the appraiser identify the relevant market or market level to research.

For instance, a forced liquidation value definition, has conditions that impact the determination of the relevant market, which would entail machinery and equipment sold under forced sale conditions (auction).  A replacement value appraisal is established by the terms of an insurance policy which focus on property replacement and cost rather than a pure market perspective mechanism. The appraiser must establish the applicable value definition and fulfill the conditions and requirements that apply to the chosen definition. These decisions are guided by how the client will use the appraisal (intended use). See definition of value page on this web site.

Machinery & Equipment Appraisers Must be Competent

Equipment Appraisers must comply with the COMPETENCY RULE of USPAP. Prior to accepting a machinery and equipment appraisal assignment, or entering into an agreement to perform any assignment, an appraiser must properly identify the problem to be addressed and have the knowledge and experience to complete the assignment competently. The appraiser should have familiarity with the specific type of machinery and equipment, a market, a geographic area, or an analytical method in order to develop credible assignment results. 
 

The machinery and equipment appraiser cannot accept an appraisal assignment (determine competency) until they properly understand (i.e. have identified) the appraisal problem; only then can the appraiser determine the scope of work (value approach, methods, etc.) required to develop credible assignment results relevant to intended use.   

Machinery & Equipment Appraisers Must Determine Scope

No one benefits from too much or too little research and analysis. Too little causes unreliable opinions, while too much wastes time and incurs needless expense. Machinery and equipment appraisers must be prepared to demonstrate that the scope of work is sufficient to produce credible results. Machinery appraisers must properly understand the valuation problem and do whatever is necessary to solve the problem credibly.

The SCOPE OF WORK RULE of USPAP includes but is not limited to:

  • the extent to which the property is identified;
  • the extent to which tangible property is inspected;
  • the type and extent of data researched; and 
  • the type and extent of analyses applied to arrive at opinions or conclusions

Machinery appraisers have broad flexibility and significant responsibility in determining the appropriate scope of work for an appraisal. Credible assignment results require support by relevant evidence and logic. The credibility of assignment results is always measured in the context of the intended use.

Machinery & Equipment Appraisers Must be Ethical

Machinery and Equipment appraisers must perform assignments ethically and competently, in accordance with USPAP. The appraiser must perform assignments with impartiality, objectivity and independence, and without accomodation of personal interests.
 

The disclosure requirements of USPAP promotes the public trust inherent in professional appraisal practice. The appraiser must disclose any past, present or prospective interest in a party or subject property, and any payments to procure an appraisal assignment. Disclosure must be made to the client and in the report. An appraiser cannot accept an assignment with an unethical fee contingency. An appraiser must protect the confidential nature of the appraiser-client relationship. An appraiser must establish and maintain a work file for each appraisal assignment.

A failure to comply with the ETHIC RULE of USPAP is a very serious violation which would likely undermine the credibility and reliability of the appraisal report. All appraisers, whenever acting as an appraiser, at all times must comply with the ETHICS RULE.

Machinery & Equipment Appraisers Must Properly Develop Assignment Results

All appraisers follow the appraisal process in order to properly develop a credible answer to the appraisal problem. STANDARD 7 requires that:

  • The appraiser: knows what to do, does it right and not render an appraisal in a careless manner (USPAP SR 7-1)
  • identify the client, intended users, intended use, and the appraisal problem (7-2 a-g)
  • determine the scope of work necessary to produce credible assignment results (7-2h)
  • define and analyze the appropriate market consistent with the type and definition of value (7-3)
  • collect, verify, and analyze all information necessary for credible assignment results (7-4)
  • when a market value opinion - analyze current offers, listings or sales agreements and past sales of the subject property (7-5)
  • reconcile the quality and quantity of data available and analyzed within the approaches used, and reconcile the applicability and relevance of the approaches, methods and techniques used to arrive at the value conclusion(s) (7-6)

Machinery & Equipment Appraisers Must Properly Report Assignment Results

Compliance with STANDARD 8 of USPAP will provide a basis for the client to determine that the report is complete and properly communicates the appraiser's scope of work. In reporting the results of an equipment appraisal, an appraiser must communicate each analysis, opinion, and conclusion in a manner that is not misleading. Reported assignment results should contain sufficient information to enable the intended users to understand the report properly. The appraiser must clearly and accurately disclose assignment conditions used in the assignment. Assignment results must answer the client's value question. 

Compliance with STANDARD 7 and 8 of USPAP, as well as all applicable USPAP rules, such as the ETHICS RULE, must be stated, signed and certified in the appraisal report's appraiser's certification statement (USPAP SR 8-3). 
Machinery & Equipment Appraisers Must have Confidence in their Opinions

USPAP is not an afterthought - it applies from the moment of initial client contact. Appraisers must comply with USPAP throughout the appraisal assignment. Before finishing up an assignment an appraiser must ask him or herself:
  • Did I properly "identify the valuation problem"?
  • Does my report properly answer the questions that were posed by the client?
  • Are the opinions in my machinery and equipment appraisal worthy of belief?
  • Is my report meaningful, not misleading, relevant to intended use, complete and properly communicated?

Whenever a machinery and equipment appraiser accepts and completes an equipment appraisal assignment the answer to these questions should always be answered "YES!" International Appraisal's machinery appraisers complys with USPAP, as well as the ASA Code of Ethics and Professional Conduct.

Please Click On the image for a flip book version of USPAP 2016-2017


EQUIPMENT APPRAISAL BY STATE 

Alabama Machinery Appraisers Alaska Machinery Appraisers Arizona Machinery Appraisers Arkansas Machinery Appraisers
California Machinery Appraisers Colorado Machinery Appraisers Connecticut Machinery Appraisers Delaware Machinery Appraisers
Florida Machinery Appraisers Georgia Machinery Appraisers Hawaii Machinery Appraisers Idaho Machinery Appraisers
Illinois Machinery Appraisers Indiana Machinery Appraisers Iowa Machinery Appraisers Kansas Machinery Appraisers
Kentucky Machinery Appraisers Louisiana Machinery Appraisers Maine Machinery Appraisers Maryland Machinery Appraisers
Massachusetts Machinery Appraisers Michigan Machinery Appraisers Minnesota Machinery Appraisers Mississippi Machinery Appraisers
Missouri Machinery Appraisers Montana Machinery Appraisers Nebraska Machinery Appraisers Nevada Machinery Appraisers
New Hampshire Machinery Appraisers New Jersey Machinery Appraisers New Mexico Machinery Appraisers New York Machinery Appraisers
North Carolina Machinery Appraisers North Dakota Machinery Appraisers Ohio Machinery Appraisers Oklahoma Machinery Appraisers
Oregon Machinery Appraisers Pennsylvania Machinery Appraisers Rhode Island Machinery Appraisers South Carolina Machinery Appraisers
South Dakota Machinery Appraisers Tennessee Machinery Appraisers Texas Machinery Appraisers Utah Machinery Appraisers
Vermont Machinery Appraisers Virginia Machinery Appraisers Washington Machinery Appraisers West Virginia Machinery Appraisers
Wisconsin Machinery Appraisers Wyoming Machinery Appraisers


EQUIPMENT APPRAISAL BY CITY  

 
Atlanta Machinery Appraisers Austin Machinery Appraisers Baltimore Machinery Appraisers Boise Machinery Appraisers
Boston Machinery Appraisers Buffalo Machinery Appraisers Charlotte Machinery Appraisers Chicago Machinery Appraisers
Cincinnati Machinery Appraisers Cleveland Machinery Appraisers Columbus Machinery Appraisers Dallas Machinery Appraisers
Dayton Machinery Appraisers Denver Machinery Appraisers Des Moines Machinery Appraisers Detroit Machinery Appraisers
Ft Lauderdale Machinery Appraisers Fresno Machinery Appraisers Houston Machinery Appraisers Indianapolis Machinery Appraisers
Jacksonville Machinery Appraisers Kansas City Machinery Appraisers Las Vegas Machinery Appraisers Little Rock Machinery Appraisers
Los Angeles Machinery Appraisers Louisville Machinery Appraisers Miami Machinery Appraisers Milwaukee Machinery Appraisers
Minneapolis Machinery Appraisers Nashville Machinery Appraisers Nassau Machinery Appraisers New Orleans Machinery Appraisers
New York City Machinery Appraisers Omaha Machinery Appraisers Orlando Machinery Appraisers Philadelphia Machinery Appraisers
Phoenix Machinery Appraisers Pittsburgh Machinery Appraisers Portland Machinery Appraisers Raleigh Machinery Appraisers
Reno Machinery Appraisers Sacramento Machinery Appraisers San Antonio Machinery Appraisers San Diego Machinery Appraisers
San Francisco Machinery Appraisers San Jose Machinery Appraisers Seattle Machinery Appraisers St. Louis Machinery Appraisers
Spokane Machinery Appraisers Tampa Machinery Appraisers Tucson Machinery Appraisers Wichita Machinery Appraisers


OTHER EQUIPMENT APPRAISAL SEARCHES

Construction Machinery & Equipment Appraisals
Medical & Hospital Equipment Appraisals

Woodworking Machinery Appraisals
Food Service, Hospitality, & Restaurant Equipment Appraisals
Trucks, Trucking, Dealerships, Transportation Equipment Appraisals
Metalworking & Fabricating Machinery & Equipment Appraisals
ACCREDITED | USPAP COMPLIANT | CERTIFIED MACHINERY & EQUIPMENT APPRAISERS

 

 

International Appraisals, Inc.

Ronald J. Savill, ASA, MRICS
David L. Strange, ASA, MRICS

866-932-3300

Fax: 866-932-3331
Email:

intappraise@aol.com

Accredited machinery and equipment appraisals for the following States: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin.

USPAP compliant machinery and equipment appraisals in the following Cities: AlbuquerqueAmarillo, Austin, Atlanta, Birmingham, BoiseBoston, Chicago, Cincinnati, Cleveland, Dallas, Denver, Detroit, El Paso, FresnoGrand Rapids, HonoluluHouston, Indianapolis, Kansas City, Las Vegas, Little Rock, Long Beach, Los Angeles, Louisville, MemphisMiami, Nashville, New York CityOakland, Oklahoma CityOrange County, Orlando, Philadelphia, Phoenix, ProvoReno, Sacramento, Salt Lake City, San Antonio, San Diego, San Francisco, Santa AnaSpokane, StocktonSt. Louis, Seattle, Tacoma, TallahasseeTampa, TucsonTulsa, Nassau Bahamas, Freeport Bahamas, San Juan, Puerto Rico

      Serving Clients with machinery and equipment appraisals for:
 
Medical Equipment Appraisals | Construction Equipment Appraisals|
 Restaurant Equipment Appraisals | Plastic Machinery Appraisals |
Hospital Equipment Appraisals | Woodworking Machinery Appraisals |
Metalworking Machinery Appraisals | Sheet Metal Fabricating Appraisal | CNC Machinery Appraisals | Office Equipment Appraisals |
NW Florida Equipment Appraisers

           | Desktop Machinery Appraisals | Desktop Equipment Appraisals |

International network of registered plant & machinery valuers with offices in Australia, New Zealand, and the Asia-Pacific region.

                          

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