Reducing Risks Primary Reason for Appraisers to Pursue Appraisal Review Education
RESTON, Va., Feb. 14, 2014 /PRNewswire/ -- The American Society of Appraisers is pleased to announce the offering of ARM201 - Appraisal Review and Management course to be held March 20-23, 2014 in Chicago, IL.
New trends towards increased regulation, scrutiny, lawsuits and penalties are forcing valuation professionals from all disciplines to take a serious look at how they conduct business.
Real estate appraisers in particular are taking the brunt of complaints, because the Appraisal Subcommittee (ASC) is pushing state regulators to enforce requirements on continuing education as well as Uniform Standards of Professional Appraisal Practice (USPAP).
Then there is the Dodd Frank Act, which MANDATES that a user file a complaint with the license board if that user is dissatisfied with an appraisal report. If the appraiser is found to have violated USPAP or a state statute, then that appraiser may be liable for civil negligence.
Add to that business valuers, machinery and equipment appraisers and general personal property appraisers are under serious scrutiny by the IRS, including increased fines, penalties and potential disbarment, meaning being barred from performing appraisals for tax related matters.
You can also factor in civil lawsuits against appraisers for negligence in performing valuations. Most appraisers have never been critiqued. Hence they continue to make systemic mistakes believing that what they learned, were taught or have practiced is correct. Some find out the hard way when faced with a charge of negligence.
ASA has been on the forefront of these trends and has recently updated its Appraisal Review and Management program to help valuation professionals reduce such risks. Recent changes to the program allow currently designated ASA's to earn an ARM designation by submitting an application, completing two ARM courses and submitting an appraisal review report to an examining committee. The first of two required classes will be held March 20-23, 2014 in Chicago, IL.
To register or for more information visit www.appraisers.org or call (800) 272-8258.
Learn more about ASA's Appraisal Review and Management Program from an interview with Roger P. Durkin, FASA who is chair of ASA's ARM Discipline Committee and a practicing appraiser and attorney; or by calling ASA at (800) 272-8258.
American Society of Appraisers
The American Society of Appraisers is a world renowned and respected international organization devoted to the appraisal profession. As the oldest and only major appraisal organization representing all appraisal specialists, ASA is devoted to providing the highest possible standards in all areas of ethics, professionalism, education and designation criteria. For more information about the American Society of Appraisers, the ASA designation program for appraisers or the Society's free "Find an Appraiser" Referral System, visit www.appraisers.org or call (800) 272-8258.
Press Contact: Todd Paradis
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SOURCE American Society of Appraisers