The Personal Property Appraisers Post

I am pleased to announce the return of "Maloney's Antiques & Collectibles Resource Directory." For fourteen years "Maloney's" was published in book form during which time it was hailed as the "...best one-volume research tool in print" (Gannett News Service) and as a Best...Reference Book (Library Journal). We plan on launching a subscription-based online version of the directory this fall and a book version this winter. With over 17,000 resources in over 2,000 categories of antiques and collectibles, "Maloney's" is known for its accuracy and for being the only comprehensive resource of its kind in existence. And now it will be online—fully searchable and constantly updated!

While we are unable to list generalists such as generalist dealers or appraisers, "specialist" resources are welcome to submit their listing application at MaloneysDirectory.com.

"Maloney's" lists specialist collectors, dealers, experts, appraisers, periodicals, clubs/associations, auction services, museums and libraries, suppliers of parts, reproduction sources, reference book sellers, manufacturers/distributors/producers, online sites for specialized valuation research, matching services, grading services, authenticators, repair/restoration/conservation specialists, vendors to the trade and specialized Internet informational websites.

Go to MaloneysDirectory.com. Search by your last name, company name or other fields to see if you are already in the database. If so, you can edit your listing(s) or add yourself under a different specialty area. If not already listed, you are welcome to add your listing if you are a specialist.

As usual, there is no cost or obligation to be listed in "Maloney's." email

The requirements for including citations or declarations in any personal property appraisal report normally originate from such sources as USPAP, the IRS, a law or regulation, a societal mandate, or, albeit it rarely, even the client. But given the plethora of applicable IRS regulations, rules, publications and forms, it is often in the donation appraisal report that we find the appraiser demonstrating the greatest of originality in the design of sometimes rather elaborate (and unnecessary?) citations and declarations.

Understanding which IRS regulations, forms, publications, notices, or revenue procedures are required to be cited in a donation appraisal report and which appraiser declarations are mandated for a donation appraisal report can be a challenge—particularly at this point in time during which we are operating under temporary IRS "Guidance" as we await final approval of new Treasury Regulations. The new Regulations will contain changes affecting the appraiser that were generated by the passing of the American Jobs Creation Act of 2004 and the Pension Protection Act of 2006.

Click here to read the entire article.

I'm pleased to announce a ground-breaking article written by my Appraisal Course Associates partner, Bill Novotny (left).

Of this article, Bill states:

"The competency requirements for personal property appraisers is often confusing due to factors such as the myriad of different personal property types encountered by the generalist appraiser, laws and regulations that may apply, methodology requirements and geographic competency. When must an appraiser make a competency disclosure to the client as required by the COMPETENCY RULE of USPAP? This article focuses on the object knowledge required of the appraiser and when a lack of competency must be disclosed.

There are many instances when an appraiser has knowledge and experience regarding property types, but that knowledge and experience is often less than that of an expert. What happens when an appraiser thinks that he or she can develop credible assignment results through research and consultation even though they have only limited specialty knowledge with the property type? Must they make a competency disclosure?

This article explores these issues and points out that consultation with experts, even when the resulting assistance is significant, does not necessarily equate to a lack of competency. We must remember that the SCOPE OF WORK RULE, at all times, requires that the appraiser do whatever is necessary to develop credible assignment results. Expert consultation is frequently pursued by appraisers as part of the scope of work required. Such fact finding can be regarded as consistent with the SCOPE OF WORK rule for experienced appraisers. Similar fact finding may be required by the COMPETENCY RULE for beginning appraisers who have little knowledge and experience. The burden is on the appraiser to determine which of the two rules apply. The primary question that appraisers must answer is whether or not they have the requisite knowledge and experience to develop and report assignment results that are credible and relevant to the intended use of the report. If the answer is a confident Yes then, in my opinion, USPAP would not require a competency disclosure."

Click here to read Bill's article "COMPETENCY RULE or SCOPE OF WORK RULE: Which Rule Rules?"