Latest Publications

Registration for ASA’s 2010 Appraisers Conference Now Open

Attention valuation professionals: registration is now open for ASA’s 2010 International Appraisers Conference! Come and be a part of unparalleled opportunities to network, innovate and learn. With all new, exciting education programs focused on the latest industry trends, the 2010 conference spotlights the future of the industry and how you can gain the competitive edge. This year’s conference will be held at the JW Marriott Resort Hotel in Las Vegas, NV July 25-28, 2010.

A few highlights of this year’s conference include:

• 1/2-day Multidiscipline general session with key industry speakers
• Enhanced networking opportunities
• World renowned hotel – JW Marriott Las Vegas Resort & Spa Mention ASIASIA to receive discounted rates.
• FREE shuttle to and from the Las Vegas strip
• Variety of local attractions

ASA’s 2010 Conference promises to be our most exciting conference yet, with cutting edge workshops, more networking opporunities and a special Gala Reception and Dinner. There are numerous ways to get involved with this year’s conference – you don’t want to miss out. Click here to view endless opportunities.

So, whether you are an experienced valuation professional or just getting into the appraisal business, the 2010 Appraisers Conference is the one event you won’t want to miss!

Click here to register now!

Hurry! Early registration ends June 14.


Real Estate Appraisal Groups Release “Appraiser and Management Company Statement of Principles” and Invite Public Comment

The American Society of Appraisers (ASA), together with the Appraisal Institute (AI), the American Society of Farm Managers and Rural Appraisals (ASFMRA), and the National Association of Independent Fee Appraisers (NAIFA), has released for public comment a draft of the “Appraiser and Management Company Statement of Practice.” These 4 largest national professional real estate appraiser organizations are engaging stakeholders in the process, inviting comment and discussion regarding these proposed principles.

Mike Evans, president of the American Society of Appraisers, commented that “agreement with these principles will promote equality and a mutually beneficial relationship between professional appraisers and the AMCs using their services.” Evans continued, “Most importantly, adherence to these principals will ensure consumers are protected and safety and soundness fostered when lenders use AMCs for valuation services.”

To read a copy of the draft Statement of Principles, click here. To submit your own comments about the proposed principles, please e-mail Comments will be accepted until May 1, 2010.

The release of the Statement of Principles for public comment is the first step in a multi-step implementation process. Following the public comment period, the professional appraisal organizations will offer the Statement of Principles to AMCs, and will request that the AMCs formally adopt the Principles and agree to comply with the Principles in their interactions with appraisers, their clients, and consumers.

The organizations will also continue to work with all stakeholders, including the AMC community, to provide further clarification of each of the principles through guidance documents, responses to frequently asked questions, and other materials. The Statement of Principles is intended to evolve as the AMC industry continues to mature, and state and federal laws applicable to AMCs continue to be enacted and implemented.

In 2008, the professional appraisal organizations drafted and released model legislation for the registration and regulation of appraisal management companies. Laws based upon this model legislation have been enacted into law in ten (10) states. At least 16 other states currently have legislation under consideration that is based upon the model legislation.

“The organizations look forward to working with AMCs, state boards, local chapters and consumer groups as the business practices of AMCs are refined to comply with the Principles. The principles are intended to promote mutually beneficial business relationships between management companies and professional appraisers,” said Bill Garber, Director of Government and External Relations for the Appraisal Institute.

For more information on the Statement, please contact Scott DiBiasio, Manager of State & Industry Affairs at (202) 298-5593 or via e-mail or Peter Barash, Government Relations Consultant, American Society of Appraisers at 202-466-2221 or


The Appraisal Foundation Seeks Applicants for Boards Positions

Deadline for qualified applicants is approaching on April 1, 2010

The deadline for qualified applicants on The Appraisal Foundation Board of Trustees and the new Appraisal Practices Board is fast approaching on April 1, 2010. Candidates chosen for in-person interviews for boards positions will be interviewed in a public forum May 20-21, 2010 in California.

Vacancies on the Board of Trustees
The Board of Trustees of The Appraisal Foundation is charged with funding the work of and appointing members to the AQB and ASB, as well as providing oversight of these two Boards. The Board of Trustees meets twice a year, in the Spring and Fall. Trustees are reimbursed for travel expenses and are not compensated for their time. There are three At-Large Trustee seats available as of December 31, 2010 with one incumbent eligible for re-election. The individuals selected for positions on the Board of Trustees will serve three-year terms commencing January 1, 2011.

The Appraisal Foundation is interested in expanding the diversity of its Board by considering applications from business leaders with an interest in valuation or involved in various appraisal disciplines.

The At-Large Trustee application form and factsheet is available on the Foundation’s web site: The deadline for completed applications is April 1, 2010.


Vacancies on the Appraisal Practices Board
The purpose of the new Appraisal Practices Board (APB) is to issue voluntary timely guidance to appraisers on emerging valuation issues that are occurring in the marketplace. This guidance will be of assistance to appraisers, appraiser regulators and educators. The new Board will enlist the help of market surveys to identify issues that need to be addressed and will empanel small groups of volunteer Subject Matter Experts (SME) to draft the guidance for review and approval by the Board. The SME panels will be selected by the APB to address specific topic issues within agreed upon timeframes. It is anticipated that the SME panels will be established in the latter part of 2010.

The Appraisal Foundation is seeking qualified candidates to serve on the APB. The APB will commence work in July 2010. Members of the APB will be compensated for their time and reimbursed for travel expenses.

Examples of qualifications that the Boards Nominating Committee will seek in candidates include the following:

  • A minimum of ten years of appraisal experience
  • A strong familiarity with the Uniform Standards of Professional Appraisal Practice (USPAP)
  • Familiarity with valuation methodology and techniques
  • Experience in writing on valuation topics and/or curriculum development
  • Experience with public speaking and/or teaching on valuation topics
  • Experience in serving on a publicly accountable board

The APB will be a multi-disciplinary board and therefore, The Appraisal Foundation is seeking candidates from various appraisal disciplines.

The APB application form and factsheet is available on the Foundation’s web site: The deadline for completed applications is April 1, 2010.

Individuals may not apply to both Boards, but rather must apply to either the Board of Trustees or the Appraisal Practices Board.

Any questions about these vacancies or the selection process can be directed to Paula Douglas Seidel ( or Anne Raley (


ASA Offering Webinar on LEAPS

Last Chance to Join Us for this new Webinar Presenting…

LEAPS: For a Market Based DLOM
Wednesday, March 24
1:00-3:00pm EST
2 CPE Credits

Recent studies show that discounts change over time and vary significantly by industry. A highly regarded valuation adjustment, LEAPS can prove a significant discount for lack of marketability.

Valuation professionals can use LEAPS to determine the minimum discount for lack of marketability in your clients’ assignments, saving you both time and money.

In this Webinar, you will learn about LEAPS, how to use LEAPS through a case study analysis, the important factors in determining DLOM, and latest study results on LEAPS and discounts.

This is a jam-packed session sure to impress!
Registration: $129 Members, $159 Nonmembers

Don’t Miss Out – Register Today!


ASA Member Charles Warren Quoted on The Watch List Article on Restricting CRE Lending

Thinning Loan Loss Coffers May Restrict CRE Lending
Efforts To Squirrel Away More Cash Keeping the Lid on Commercial Real Estate Lending

In addition to keeping an eye on declining property values, falling rents and rising vacancy rate numbers, the commercial real estate community is also concerned over ominous signs in banking industry numbers.

One big area of concern is the fact that banks are stowing away more money to cover problem loans. The amount being set aside is rising rapidly and is now higher than it has been for a quarter of century. Meanwhile, the amount of problem loans is rising at even more than twice that rate.

The implications of the increased loan loss coverage for the commercial real estate industry is that it will likely further limit the amount of money available for borrowings. Those numbers also signify that this will continue to encourage “extend and pretend” policy that some lenders have pursued, and it may further encourage lenders to be optimistic about their recovery rates to avoid taking further losses/writedowns. And at the same time, lenders won’t hesitate in demanding more money out of borrowers’ pockets.

Trying to Cope –
“Everybody is trying to spread the manure out, hoping that there isn’t so much it just burns the plants. Folks knew in their heart of hearts that the music would stop. The party would be over, but now that it is, they’re just trying to cope day by day.”
– Charles B. Warren, MRICS ASA-Urban Real Property, Pleasant Hill, CA

Click here to read the complete article:


ASA Brings Education to Annapolis Next Month

Join Us in Springtime Annapolis!

Advancing the Professional…and the Profession.

April 8-11, 2010
Annapolis, MD

up to 27 CPE Credits

Start or continue your appraisal training with the American Society of Appraisers. ASA continues to set the standard of excellence with our premiere courses and advanced seminars. Add value to your business skills and learn from leading industry experts. Whether a novice practitioner or a seasoned appraiser, ASA’s training will increase your expertise and your profession.

Annapolis, MD’s April Course Schedule:
Introduction to Business Valuation – Part 1 (BV201)
This course will introduce the novice practitioner to the three basic approaches to valuation. The valuation process as outlined in Revenue Ruling 59-60 will be the focus of the course, including instruction on how to do company analysis, industry and economic analysis and financial analysis. A full explanation of the Market Approach will emphasize the application of the subject company’s qualitative and quantitative analysis to the valuation process.
$1195 Nonmembers; $995 Members; $499 Designated Members

Business Valuation Case Study (BV203)
This is a capstone course which applies the theory learned in BV201 and BV202 in an actual valuation case study. The subject company is analyzed in a group format. Lecture is only used to present each section of the case study. Groups of 4 to 6 students are responsible for deriving their own opinion of value.
$1195 Nonmembers; $995 Members; $499 Designated Members

Machinery & Equipment Valuation – Advanced Topics and Case Studies (ME203)
The objective of this course is to introduce more advanced concepts and techniques than those taught in ME201 and ME202. A review of case studies illustrating a range of operating entitites will be employed. This course will explore exponential pricing techniques; cost estimation; reproduction vs. replacement costs; quantifying functional obsolescence; use of research data; time value of money calculations, and more.
Prices: $995 Nonmembers; $895 Members; $447.50 Designated Members

Appraisal Report Writing (ALL215)
The objective of this multidiscipline course is to introduce students to the mechanics of appraisal report writing and to assist experienced professionals to improve their written appraisal reports. Topics address the difficulties of writing and how to overcome them, types of writing styles used in appraisal reports, critical thinking skills, argument analysis, logical fallacies and examples of good and poor writing.
Prices: $725 Nonmembers; $600 Members; $300 Designation Members

Not an ASA Member? Learn how you can join the leading appraisal association for recognized leaders in the profession.

“Membership is the ace in your pocket when the public seeks to hire a professional appraiser. It amounts to immediate recognition that its members have been trained, tested and have earned their designation in a specific type of property.” -Corrine Cain, ASA

Visit us at


American Society of Appraisers Launches New Business Valuation Education Accreditation Series

Herndon, VA, March 9 – The American Society of Appraisers (ASA)’s Business Valuation Committee is pleased to announce the update of their Principles of Valuation (POV) Education Series with a new and improved curriculum. This new curriculum is designed to address current topics which appraisers face. Required coursework to achieve the ASA designation, appraisers can take advantage of these updated courses on their journey towards achieving the preeminent accreditation for appraisers, Accredited Member or Accredited Senior Appraiser. ASA accredited appraisers enjoy a multitude of member benefits, a competitive advantage in the marketplace, and opportunities to further their professional development.

Introduction to Business Valuation – Part 1 (BV201)
This introductory course provides students with an overview of the three basic approaches to valuation as well as an in-depth knowledge of the market approach. Focusing on IRS Revenue Ruling 59-60, the 3-day course includes instruction on how to do company analysis, industry and economic analysis and financial analysis.
April 8-11, 2010 – Annapolis, MD • May 13-16, 2010 – Chicago, IL

Introduction to Business Valuation – Part 2 (BV202)
The 2nd of 4 courses in the Principles of Valuation (POV) series presents the theory and application of the income approach and its various methodologies, as well as the asset-based approach. Basic capitalization models and discounting models are shown in the context of earnings and cash flow measurements, as well as equity and invested capital assignments.
March 18-21, 2010 – Manhattan Beach, CA • June 10-13, 2010 – Manhattan Beach, CA

Business Valuation Case Study (BV203)
This capstone course applies the theory learned in the first two courses in an actual valuation case study. Building upon the concepts learned, students work in groups to analyze the subject company and derive their own opinion of value.
April 8-11, 2010 – Annapolis, MD • June 10-13, 2010 – Manhattan Beach, CA

BV204: Advanced Topics in Business Valuation (BV204)
The final POV course presents experienced appraisers with 5 advanced valuation topics. Current topics include valuation adjustments, issues in the valuation of pass-through entities, valuation in volatile markets, international cost of capital and accounting for intangible value.
May 13-16, 2010 – Chicago, IL

For more information about ASA’s Education Courses, please visit us at

About ASA
The American Society of Appraisers is an international organization of appraisal professionals and others dedicated to the education, development and growth of the appraisal profession. ASA is the oldest and only major organization representing ALL disciplines of appraisal specialists, originating in 1936 and incorporating in 1952. ASA’s headquarters is in the metropolitan Washington, DC area. To find an accredited appraiser near you, visit or call (800)272-8258.



HERNDON, VA — The entire appraisal group of Marsh RVS recently completed the American Society of Appraisers (ASA)’s Machinery and Technical Specialties POV courses (ME201-ME204) at its headquarters in Durban, South Africa. Marsh RVS—an international appraisal firm based in Durban—is a subsidiary of Marsh, the world’s leading insurance broker and risk advisor.

ASA Executive Vice President Jane Grimm commented, “Our strategic relationships with multi-national companies are integral to our goal of enhancing ASA’s international training curriculum. We are impressed with Marsh RVS’s commitment to their employees, and we’re proud to play a central role in the growth and success of their business.”

David Zovitsky, Managing Executive at Marsh RVS, emphasized the positive outcome. “We have been a specialist Insurance valuation practice for 20 years. The material covered in the course has helped to quantify and streamline some of the methods which we use as well as defining our standards.”
About Marsh
Marsh RVS, an international appraisal firm based in Durban , is a subsidiary of Marsh (Pty) Ltd, the South African branch of Marsh, the world’s leading insurance broker and risk adviser. Marsh is a unit of Marsh & McLennan Companies (MMC), a global professional services firm with approximately 52,000 employees and annual revenue of $11 billion.

For further information, contact Christy Jones, Marketing and Communications Director, ASA, at (703) 733-2124, or via email at; or David Zovitsky, Managing Executive Marsh Reinertsen Valuation Services at 27 (031) 275 4680, or via email at


New Year’s Resolutions Should Include Review Of Personal Assets

Given the current economic situation, it is clear that maximizing personal assets is important. The American Society of Appraisers suggests that people take the opportunity at the beginning of the new year to resolve to document and assess personal assets.

“The contents of most peoples’ homes are worth tens of thousands of dollars and they don’t even realize it,” said Sharon Ring Rollins, chair of the personal property committee of the American Society of Appraisers.

When people count up their assets, they normally include the value of their home and other real estate, cars, bank accounts, retirement accounts, stocks and bonds, etc. What many people forget, however, is that their personal assets include the contents of their home including artwork, antiques, jewelry, collectibles, etc. The value of those items needs to be considered for estate planning purposes, to ensure that they are properly covered by their homeowners or renters insurance policies in case of a loss, and for sale or charitable donation purposes.

The American Society of Appraisers offers tips for homeowners or renters to get started reviewing their personal assets.

– Documentation. Take an inventory of the items in your house. Open cabinets and closets and document the contents with video or photos. Make lists of what you own, where you got each item, etc., and keep receipts.
– Make note of potentially valuable items. Make a list of items that you think might be especially valuable, including family heirlooms, artwork, and antique furniture.
– Get an appraisal of valuable items. If you think you have valuable items and want to know more about their value, consult an accredited appraiser.
– Review your homeowners or renters policies. These policies have a certain coverage amount for the contents of your home. Do a rough calculation of the value of the contents of your home if you had to replace everything. Does the amount in your currently policy cover it? If not, talk to your insurance agent about raising the limit or get special riders for extremely valuable items. Owning a few pieces or fine art or a few good antiques may mean that the coverage in your policy is less than adequate.

“Appraisals are important documents like wills. They provide proof of the worth of a piece of property,” said Rollins. “An appraisal performed by an accredited appraiser will stand up in court, with the IRS, or the insurance company if need be.”

For more information, to find an accredited appraiser near you, or to learn more about appraisals log on to or call 1-800-ASA-VALU.

About ASA
ASA is an international organization of appraisal professionals and others dedicated to the education, development and growth of the appraisal profession. ASA is the oldest and only major organization representing all disciplines of appraisal specialists, originating in 1936 and incorporating in 1952. ASA’s headquarters is in the metropolitan Washington, D.C., area.




Even though the economy has put a damper on charitable donations this year, the holiday season is still the time when most people make donations, allowing them to get end of the year tax write-offs.

In the last few years, the IRS has greatly increased its scrutiny of charitable donations so taxpayers need to review the regulations, document donations properly, and get donations appraised by a “qualified appraiser” when required by the tax code.

The IRS requires that a “qualified appraiser” prepare a “qualified appraisal” for individual household items donated to charity which are worth more than $500. This is true also for other donated items such as art and antiques that have a fair market value of more than $5,000. Taxpayers need to attach IRS form 8283 with appraisals. The IRS offers tips for deducting charitable contributions on its Web site.

“The best way to find a ‘qualified appraiser’ is to use an appraiser who is accredited by a ‘recognized professional appraisal organization’ that complies with the Uniform Standards of Professional Appraisal Practice (USPAP),” said Sharon Ring Rollins, an Accredited Senior Appraiser member of the American Society of Appraisers.

Taxpayers should also make sure they are submitting an appraisal that was prepared using the correct valuation method for charitable contributions. All appraisals done for the Internal Revenue Service conclude the fair market value of the item or items. The fair market value is the amount that the item would sell for on the open market at the time of donation. Fair market value takes into account the condition of the piece or pieces, the value of sales of similar properties at the time, and the market for those types of items.

For more information, or to find an accredited appraiser near you or to learn more about appraisals, log on to or call 1-800-ASA-VALU.