Almost every course, set of standards, publication concerning personal property appraising, embraces the basic rule that an appraisal is to comply with the law. That makes perfect sense since appraisals are in essence legal documents. However, what is presented in the numerous resources do not detail what the legal requirements are. Yes, there may be some but only a few valuation assignments are detailed. This leaves a quite large gap in the appraisal knowledge base.
This raises the question, "How does one comply with the law if they do not know what the law requires?"
For example, what if your assignment is to render an appraisal for a dissolution of marriage, do you use for the effective date (date of value), the date of separation, date of filing, date of trial for division of the marital property, date of decree, or a date determined by the court? It depends on the state of jurisdiction. And, yes, the value definitions also vary state by state. Your state laws may not apply if the case is lodged in a different jurisdiction.
Our mission is to research and report each jurisdiction's requirements. We do not provide legal advice but appraisal advice. We are not here to tell you what to do but to make sure you have the current information, in extreme detail.
Do not view the courses as trophies. They will be under continuous updating as the laws change. With thousands of laws being added or changed each year, the courses are working to keep up with a moving target.
Instead, view the courses as endless resources and not stagnant posts. There is no other resource that presents appraisal methodology in such detail. Expect this website to enhance your expertise. Use it to review as well as confidently tackle profitable appraisal assignments.