American Society of Appraisers (ASA)

American Society of Appraisers ASA Appraisal Profession Appraisal Foundation Appraisal Standards Professional Organizations
An organization of appraisal professionals and others interested in the appraisal profession, the American Society of Appraisers (ASA) is international in structure, self-supporting, and independent. It is the oldest and sole major appraisal organization representing all disciplines of appraisal specialists, originating in 1936 and incorporating in 1952.
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Overview

The American Society of Appraisers (ASA) is a professional organization devoted to the appraisal profession and those interested in it. It is international in scope, autonomous, and financially independent. Founded in 1936 and incorporated in 1952, ASA is the oldest and only major appraisal organization representing all appraisal disciplines.

Examples of Appraisal Disciplines Represented by ASA

  1. Real Property Appraisal: Valuation of residential, commercial, industrial, and agricultural real estate.
  2. Personal Property Appraisal: Valuation of art, antiques, jewels, and other personal property.
  3. Business Valuation: Valuation of businesses, ownership interests, and intangible assets.
  4. Machinery and Technical Specialties: Valuation of machinery, technical assets, and property specific to industries.
  5. Gems and Jewelry Appraisal: Specialized valuation of gems and jewelry items.
  6. Appraisal Review and Management: Review and management of appraisals done by others.

Frequently Asked Questions

What is the American Society of Appraisers (ASA)?

The ASA is a professional organization that represents appraisers across various disciplines. It provides education, accreditation, and professional development for appraisal professionals internationally.

How can I become a member of ASA?

Membership in ASA is open to qualified appraisal professionals who meet the society’s education and experience requirements. Interested individuals must apply and, if accepted, will need to adhere to ASA’s standards and ethics.

Are there different types of ASA membership?

Yes, ASA offers several membership categories including candidate, accredited member, senior member, and fellow, among others. Each level has specific requirements related to experience, education, and professional contribution to the field.

What are the benefits of joining ASA?

Membership benefits include access to specialized education, networking opportunities, professional designation and accreditation, and resources to stay current in industry practices and standards.

What role does ASA play in the appraisal industry?

ASA sets ethical and professional standards for the appraisal profession, offers accreditation to qualified appraisers, and provides continued education opportunities. It also advocates for high standards and public trust in the appraisal profession.

  • Appraisal Foundation: A non-profit organization that sets the national standards for the appraisal profession in the United States through the Uniform Standards of Professional Appraisal Practice (USPAP).

  • Uniform Standards of Professional Appraisal Practice (USPAP): These standards are the generally accepted and recognized standards of appraisal practice in the United States, established by the Appraisal Foundation.

  • Accredited Member (AM): An appraisal designation given to ASA members who have met the society’s comprehensive requirements for education, experience, and ethical standards.

  • Senior Appraiser (ASA): A higher designation reflecting a confirmed level of expertise and experience in the appraisal profession.

Online Resources for Further Information

Suggested Books for Further Studies

  • “The Appraisal of Real Estate” by the Appraisal Institute
  • “Valuing a Business: The Analysis and Appraisal of Closely Held Companies” by Shannon P. Pratt
  • “Fundamentals of Business Valuation: A Practical Guide” by Douglas R. Emery

Fundamentals of American Society of Appraisers (ASA): Professional Appraisal Basics Quiz

### Which year was the American Society of Appraisers (ASA) incorporated? - [ ] 1936 - [ ] 1948 - [x] 1952 - [ ] 1960 > **Explanation:** The American Society of Appraisers (ASA) was incorporated in 1952, though it originated in 1936. ### What type of organization is ASA known for being? - [x] Independent and self-supporting - [ ] Government-funded - [ ] Non-international - [ ] Part of a larger corporation > **Explanation:** The ASA is known for being independent and self-supporting, emphasizing its autonomy from external financial influences. ### Which of the following disciplines is NOT represented by ASA? - [ ] Business Valuation - [ ] Gems and Jewelry Appraisal - [ ] Machinery and Technical Specialties - [x] Environmental Conservation > **Explanation:** ASA represents various appraisal disciplines but not environmental conservation. ### What is one primary role of the ASA? - [ ] Buying and selling real estate - [x] Setting ethical and professional standards for the appraisal profession - [ ] Funding appraisers' education - [ ] Providing financial loans to appraisal firms > **Explanation:** One primary role of the ASA is setting ethical and professional standards for the appraisal profession. ### Who can become a member of ASA? - [ ] Only American citizens - [ ] Only real estate appraisers - [x] Qualified appraisal professionals meeting specific requirements - [ ] Only graduate students in appraisal schools > **Explanation:** Membership in ASA is open to qualified appraisal professionals meeting the society's education and experience requirements. ### What foundational organization did ASA help to establish? - [x] The Appraisal Foundation - [ ] The Real Estate Board - [ ] The Professional Appraisers Guild - [ ] The National Appraisal Association > **Explanation:** ASA is one of the eight founding members of The Appraisal Foundation. ### How does the ASA support the advancement of appraisal professionals? - [ ] By providing direct financial subsidies - [ ] By lobbying for appraisers to have higher wages - [x] Through education, accreditation, and professional development - [ ] By employing appraisers directly > **Explanation:** ASA supports the advancement of appraisal professionals through education, accreditation, and continued professional development opportunities. ### Which standard is associated with the Appraisal Foundation's work? - [x] Uniform Standards of Professional Appraisal Practice (USPAP) - [ ] International Financial Reporting Standards (IFRS) - [ ] Generally Accepted Accounting Principles (GAAP) - [ ] National Valuation Metrics > **Explanation:** The Uniform Standards of Professional Appraisal Practice (USPAP) is associated with The Appraisal Foundation. ### What level of designation reflects confirmed expertise within the ASA? - [ ] Accredited Member (AM) - [x] Senior Appraiser (ASA) - [ ] Junior Member (JM) - [ ] Associate Member (AM) > **Explanation:** The designation of Senior Appraiser (ASA) reflects a confirmed level of expertise and experience in the appraisal profession. ### What unique characteristic distinguishes ASA? - [ ] Representation of only a single discipline - [ ] Government affiliation - [ ] Limited to the USA - [x] Representation of all disciplines of appraisal specialists > **Explanation:** ASA is distinguished by the fact that it represents all disciplines of appraisal specialists, making it unique in its comprehensive scope.

Thank you for exploring the American Society of Appraisers (ASA) and testing your knowledge with our quiz. Keep advancing in your professional appraisal journey!

Wednesday, August 7, 2024
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American Recovery and Reinvestment Act of 2009
Accredited Senior Appraiser (ASA) January 1, 1
Uniform Standards of Professional Appraisal Practice (USPAP) January 1, 1

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