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The ABCs of Certified Appraisals

May 12, 2011

Just as it’s important for a child to learn his or her ABCs, it’s important to know the ABCs of certified appraisals.

Accuracy

A certified appraiser will determine which valuation standard will be applied to deliver the most accurate appraisal for a client’s unique situation. Standards include fair market value, liquidation value, scrap value, and so forth.

Best Practice

Certified appraisers adhere to the standards set forth by The Uniform Standards of Professional Appraisal Practice (USPAP), the standard for professional appraisal practice in the United States. USPAP compliance is required by professional appraisal associations, client groups, and by federal, state, and local agencies.

Certification

The best appraisers have earned the credentials necessary to professionally appraise businesses, equipment, and machinery, including Certified Machinery & Equipment Appraiser (CMEA), Certified Senior Business Analyst (CSBA), Certified Business Counselor (CBC), and Board Certified in Business Appraisal (BCBA).

Defensible

Certified appraisers do not guess, or rely solely on book value or on the opinions of non-certified persons. Appraisals need to stand up to the scrutiny of the IRS, the courts, and other regulating agencies.

Ethics

A certified appraiser is held to the highest ethical standards, to protect the public from unsubstantiated or questionable machinery and equipment appraisals. NEBB Institute has its own code of ethics, which are even stronger than the industry standards.

The NEBB Institute endorses and strives to observe the highest standards of professional ethics to preserve the public trust inherent in the professional appraisal practice. The Institute provides initial and monthly comprehensive education, ongoing support, and a dynamic international network, and certifies professionals in the art of machinery/equipment appraisal and brokerage.

By: NEBB Institute

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