DESIGNATED APPRAISAL REVIEWER
Wei Yang is an Accredited Senior Appraiser in Appraisal Review and Management (ARM) designated by American Society of Appraisers. With a Ph.D. in Chinese art history, M.A. in Asian art and first designation of Accredited Senior Appraiser (ASA) in Asian art, Dr. Yang performs appraisal review of Asian Art Appraisals for insurance damage and loss settlements and taxation litigation.
An appraisal review is a written report that follows a rigorous process to judge the overall quality of an appraisal. It adds a level of due diligence to what many users of appraisal services consider an inherently risky situation.
Dr. Yang specializes in most forms of Asian Art, particularly classical Chinese painting and calligraphy, ceramics, jade and decorative arts. She is an independent art appraiser, review appraiser, Chinese art expert witness and lifelong educator. She has served as Chinese Art Appraiser, Review Appraiser and Expert Witness for litigation. Dr. Yang is a lifelong educator and writer (Books by Wei Yang).
Dr. Yang brings integrity, professional competence in multiple fields, impartiality and objectivity to her work.
WHAT IS APPRAISAL REVIEW?
-USPAP Standards 3 & 4
An appraisal review is a written report that follows a rigorous process to judge the overall quality of an appraisal. By analyzing the adequacy of appraisal methodologies, verifying the accuracy and completeness of data selection, and assessing the relevance of scope of work in relation to intended use, an appraisal review develops an opinion as to the reasonableness of the value conclusion and the credibility of the appraisal under review. Appraisals lacking in accuracy, relevance or reasonableness, or prompting questions about competence or completeness are good candidates for an appraisal review. Attorneys, bank representatives, lessors, accountants, auditors, and financial officers in both the private and public sphere face increasing exposure to risk because of flawed or invalid appraisals. In these circumstances, an appraisal review can be an effective tool for evaluating an appraisal’s level of compliance with professional standards such as those mandated by the Uniform Standards of Professional Appraisal Practice (USPAP) and codes promulgated by credentialing associations such as American Society of Appraisers and Appraisers Association of America. Appraisal reviews can be used to reduce financial risk, increase transparency and validity, and encourage confidence and trust surrounding insurance settlements, marriage dissolution, estate affairs and taxation.
STANDARDS FOR APPRAISAL REVIEW
-Standards 3 (Developing) and 4 (Reporting)
Appraisal reviews must comply with Standards 3 and 4 of the Uniform Standards of Professional Appraisal Practice (USPAP, published by the Appraisal Foundation and updated biennially). Standard 3 offers guidance on developing an opinion of credibility and Standard 4 on developing a review report. Both standards provide detailed instructions on how to discuss professional standards of care, adequacy of data, relevance of discussion, reasonableness of value conclusion and how to develop a review report with or without value (depending on the intended use of the appraisal review). Appraisal review reports can reveal disturbing factors, such as errors in calculation, flawed appraisal methodology, thin explanation of scope of work, mistaken identification of a property’s value features, use of unqualified comparables and unsupported value conclusions.
FOCUS OF APPRAISAL REVIEW
Relevance, Accuracy and Reliability, Adequacy and Completeness, Consistency, Cohenrence and Balance, Clarity.
REVIEW APPRAISER
-Designated Review Appraiser in Personal Property (ARM)
Wei Yang, Ph.D., is an Accredited Senior Appraiser (ASA) in Appraisal Review and Management of Personal Property (ARM), designated in 2017 by American Society of Appraisers. With a specialty designation as Accredited Senior Appraiser (ASA) in Asian Art, Dr. Yang accepts appraisal review assignments on Asian art, with a concentration on Chinese art. She has performed appraisal reviews for insurance settlement arbitration, property damage and taxation litigation.
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