What’s an MPPA? More importantly, WHO CARES?
What’s an MPPA? More importantly, WHO CARES?
Ouch! Well, we care. And so should you if you ever need something appraised.
MPPA stands for Master Personal Property Appraiser. It is a designation awarded by the National Auctioneers Association (NAA) to personal property appraisers who have distinguished themselves in the art and science of valuing personal property. They must demonstrate an expertise in specific areas or specialties of appraisal, and are awarded the designation only after the scrutiny of a rigid peer review process.
As of September 2017, there are only 54 appraisers in the world who have been awarded this designation.
Well, so what?
Appraisals are complicated. People who hire appraisers to give a professional opinion of value on an item will rely on that appraisal to make important financial and life decisions. Having the wrong value can have very devastating consequences.
Can you imagine the impact of the wrong appraisal when couples are going through a divorce – the financial and emotional implications? How about having an asset over-appraised in the process of making a charitable donation – and the IRS comes back and says it was overvalued? Not only will there be huge tax implications, but penalties and fees, and all of the associated costs and nightmares of an audit.
Having a skilled, trained, professional appraiser matters. Knowing not only the asset being appraised, but the relevant markets to research, and the rules for each type of appraisal are critical. You need to hire someone who has the skills, training, and experience to get it right.
Our lead appraiser, Rich Schur, is not only one of the 54 who have earned this achievement, but he is the primary instructor for the NAA’s Graduate Personal Property Appraiser (GPPA) program. He has taught hundreds of appraisers the art and science of doing an accurate and compliant appraisal.
Compliant? Yes. There are standards for the appraisal industry, known as the Uniform Standards of Professional Appraisal Practice – USPAP. In 1989, Congress authorized the Appraisal Foundation to implement USPAP as the guidelines for appraisers. Sadly, very few people who claim to be appraisers even know USPAP exists. Its main purpose is to ensure ethical and competent appraisal practices to protect consumers. By the way, Rich is a Certified USPAP instructor.
At the Schur Success Group, we have three professional appraisers, all of whom adhere to USPAP. Rich is the senior appraiser, and Shannon Schur and Mike Whitfield have both earned their GPPA designations.
What’s it worth? Call us. We’ll give you an accurate answer.
