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Economic Crisis Underlines Importance of Certified Appraisals

April 22, 2010

Late last month, the NEBB Institute issued a press release over PR Newswire, and we wanted to make sure that all of our members had the chance to read it. Follow the link, or read the full text below.

Economic Crisis Underlines Importance of Certified Appraisals, According to the NEBB Institute

 Wichita, Kan., Since the economic crisis began, people have been making changes. Individuals are saving more, businesses are becoming more efficient, and banks are taking care to make strong lending decisions; there’s no doubt that lessons have been learned. Perhaps one of the biggest lessons learned as a result of the crisis is the importance of a valid appraisal. Arguably, if the financial world hadn’t relied on appraisals that showed overly inflated property values, the country might be in a much different situation than it’s in now.

“In my opinion, a contributing factor to the economic crisis was the reliance on non-certified appraisals,” said John Harris, director of the National Equipment & Business Builders (NEBB) Institute. “That’s why it’s so important that businesses, individuals, and lenders exclusively seek certified appraisals. Anyone can accept a check, give a piece of equipment a cursory look, and assign it an arbitrary value.” People with the Certified Machinery and Equipment Appraiser (CMEA) designation are independent professionals who advocate for the appraisal, rather than for a business or entity. They adhere to a strict code of ethics and a standard methodology that result in the appraisals required by the IRS, the Council of Foundations, and the U.S. Small Business Administration’s Standard Operating Procedures; conform to the Uniform Standards of Professional Appraisal Practice (USPAP); and stand up to scrutiny in a court of law.  

The NEBB Institute is proud to contribute to the health of the U.S. economy by supporting professional education, contributing to stricter financial controls in appraising, and reinforcing the strength of small businesses.         

About the National Equipment & Business Builders (NEBB) Institute

The National Equipment & Business Builders (NEBB) Institute is an accrediting body that certifies professionals in the art of machinery and equipment appraisal and brokerage. The NEBB Institute provides its members with initial training that gives them the Certified Machinery and Equipment Appraiser (CMEA) designation, continuing education courses and refresher training, ongoing support, and access to an extensive international network of appraisers. The Institute is committed to preserving public trust, and compliant with the Uniform Standards of Professional Appraisal Practice (USPAP). It supports the appraisal industry by training professionals capable of providing defensible, substantiated, and irrefutable machinery and equipment appraisals. 

By: NEBB Institute

 

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