USPAP REQUIREMENTS
Wei Yang, Ph.D. ASA, is USPAP-Complied Art Appraiser.
Wei Yang performs appraisal in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP requirements are the industry standards codified by The Appraisal Foundation’s Appraisal Qualification Board and revised every two years. USPAP offers guidance for professional appraisal practice and is enforced through professional societies such as the American Society of Appraisers (ASA), the Appraisers Association of America (AAA), and the International Society of Appraisers (ISA). USPAP helps ensure that professional appraisers comply with industry-wide standards, earn accreditation through national institutions, and conform to federal and state regulations.
Wei Yang is a certified USPAP-complied art appraiser, specializing in Asian Art, with a concentration on Chinese art. She has served as Chinese Art Appraiser, Appraisal Reviewer and Expert Witness for litigation. Dr. Yang is a lifelong educator and writer (Books by Wei Yang).
Dr. Yang is a qualified Asian art appraiser. She earned a Ph.D. in Chinese art history from Northwestern University (Evanston, ILL), a certificate of Fine Art and Decorative Arts Appraisal from Pratt Institute (New York), and two Accredited Senior Appraiser (ASA) designations from American Society of Appraisers: Asian Art and Appraisal Review and Management (ARM). She serves with integrity, professional competence in multiple fields, and impartiality to the best of her abilities.
USPAP & IRS
-"Qualified Appraiser"
USPAP is authorized by the U.S. Congress and recognized by the Internal Revenue Service as the primary source of standards for appraisal reports and of qualifications for appraisers. USPAP stipulates the qualifications that must be met by appraisers. These include classroom education in valuation theory, completion of a course on USPAP and professional ethics, and experience in appraisal. Appraisers are also required to pursue continuing education in the field and to study for and earn redesignation every five years.
USPAP REQUIREMENTS
-Intended Use, Date of Valuatioo & Value Conclusion
IUSPAP includes requirements for the preparation of appraisals. USPAP stipulates the kind of records the appraiser needs to maintain, specifying how long appraisers are required to preserve documents and the underlying research justifying the basis for their appraisal. USPAP requires that appraisers follow the scope of work for each appraisal assignment and that reports specify the client, the intended use and users of the report, the type of value (e.g., Fair Market Value, Replacement Value, etc.) and the effective date of the opinion. USPAP requires that appraisers provide a signed certification detailing the process followed in the appraisal and attesting to the appraiser’s independence and impartiality.
USPAP outlines two general options for written appraisal reports: Appraisal Report and Restricted Appraisal Report. They are similar in content but differ in level of detail. An Appraisal Report is required for most appraisal assignments, including tax-related uses (for charitable donation and estate tax distribution), legal purposes (dissolution of marriage or business, and bankruptcy) and assignments involving third parties (insurance coverage and claim settlement). By contrast, a Restricted Appraisal report is written for only one user and with a limited purpose (consultation). The USPAP Ethics Rule details requirements concerning impartiality, objectivity, independent judgment and ethical conduct.
USPAP & APPRAISAL REVIEW
-Assessing the Quality of Appraisal
Standard 3 (Developing) and Standard 4 (Reporting) in USPAP outline the requirements for Appraisal Review with or without value conclusion, another type of appraisal. Appraisal review critically evaluates the quality of appraisals prepared by other appraisers in terms of Relevance, Accuracy and Reliability, Adequacy and Completeness, Consistence and Balance, Clarity.
Appraisal Reviews are typically required for insurance claim settlements and for litigation. Review appraisers must possess sufficient qualifications designated by appraisal organizations and must undertake special training in this field and pass examinations as Accredited Senior Appraiser in Appraisal Review and Management of a specific specialty, such as Personal Property (ARM-PP), Machinery and Technical Specialties (ARM-MTS) and Gems and Jewelry (ARM-GJ).
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