PP204-OOO - Personal Property Valuation: The Legal and Commercial Environments

Registration

Please see the "Upcoming Classes" tab for class offerings and registration information.

Course Description

This course introduces students to compliance with laws and regulations in order for them to conduct their Personal Property appraisal practices. Using the information learned in the previous courses, participants expand their understanding of professional standards and the ethical requirements of an appraiser. The class allows students to utilize their analysis techniques for concluding Fair Market Value in an appraisal  assignment. Further insight into the auction market, the insurance industry, and how tort law affects appraisers is covered in this class. PP204 also examines the legal court precedents on which many appraisal practices and regulations are based.  As part of the class, students develop a Fair Market Value oral appraisal report for the property that they appraised in PP203.

Instructional Methods

Instructor will present material through lecture and PowerPoint as well as classroom exercises and group discussions. Overnight assignments will be given for review and discussion.

Course Audience

This course provides individuals wishing to become appraisers, or related professionals interested in augmenting their valuation skills, with the fourth course introducing the concepts necessary for appraisal practice. Candidates who have previously successfully completed this course and designated appraisers may wish to retake this course to stay informed about the current laws and regulations related to appraisal practice and Fair Market Value requirements.

Required Readings

Please obtain and review the required and recommended readings prior to attending class.

Agenda

Day One will include introductions of Instructor and Participants. The remaining days will begin with a review quiz.

The class will have a morning, lunch and afternoon break. A review will take place prior to the exam.

Learning Outcomes

Upon completion of this course, students should be able to:

• Explain how court cases that have established precedents in appraisal practice;
• Demonstrate the expanded use of Fair Market Value;
• Present an appraisal in comprehendible terms that work with the insurance industry;
• Discuss the Ethical and professional standards in USPAP;
• Cite the other functions of an appraiser; and 
• Provide an expanded look/ explanation of the auctions marketplace.