ASA (American Society of Appraisers)

Overview

The American Society of Appraisers (ASA) is a globally recognized professional association dedicated to fostering excellence in the appraisal profession. The ASA offers senior professional designations to appraisers who meet stringent requirements, ensuring high standards of practice across multiple appraisal disciplines.

Designations Offered

The ASA designation is awarded to professionals in various disciplines who meet the following criteria:

Extensive Experience: Candidates must demonstrate substantial experience in their field.
Educational Qualifications: Completion of requisite educational programs.
Demonstration Reports: Submission and approval of detailed appraisal reports.

Disciplines Covered

Urban and Rural Real Estate: Residential, commercial, and agricultural real estate appraisal.
Business Valuation: Appraisal of businesses and intangible assets.
Machinery and Equipment: Valuation of industrial equipment and machinery.
Fine Arts: Appraisal of artworks and cultural property.
Appraisal Education and Administration: Focus on education in the field of appraisal.

Examples

Real Estate Appraisal:
- An ASA designated real estate appraiser might assess the value of a commercial property for refinancing.
Business Valuation:
- A professional with an ASA designation in business valuation might evaluate the worth of a company’s assets for a merger.
Fine Arts Appraisal:
- An ASA appraiser specialized in fine arts might appraise a collection for insurance purposes.

Frequently Asked Questions (FAQs)

What does the ASA designation signify?

The ASA designation is a mark of excellence and professionalism, indicating that the appraiser meets high standards of expertise, education, and ethical practice.

How does one obtain an ASA designation?

To obtain an ASA designation, candidates must fulfill specific educational and experience requirements, pass comprehensive examinations, and submit demonstration reports for review.

Is the ASA recognized internationally?

Yes, the ASA is recognized globally, and its designations are esteemed in the international appraisal community.

Can an appraiser hold multiple ASA designations in different disciplines?

Yes, an appraiser can earn multiple designations in different disciplines offered by the ASA, provided they meet the requirements for each.

What ongoing requirements are there to maintain the ASA designation?

ASA designees must adhere to continuous education and ethical standards to maintain their credentials.

Appraisal: The process of determining the value of property, usually done by a certified professional.
Valuation: The analytical process of determining the current worth of an asset or a company.
Accredited Senior Appraiser (ASA): A senior-level certification for an appraiser who has met all criteria set by the ASA.

Online Resources

References

American Society of Appraisers. “Certification Information and Requirements.” ASA Certification Requirements
International Valuation Standards Council. “Appraisal and Valuation Standards.” IVSC

Suggested Books for Further Study

The Appraisal of Real Estate by the Appraisal Institute
Valuing a Business: The Analysis and Appraisal of Closely Held Companies by Shannon Pratt
Appraising Fine Art: The Essentials of Valuing Paintings and Other Works of Art by Ann Moses

Real Estate Basics: ASA Fundamentals Quiz

### What does the ASA designation signify? - [ ] A basic understanding of appraisal principles - [ ] A high school diploma and 1-year experience - [x] Excellence and professionalism in appraisal - [ ] Regular membership in a local appraiser association > **Explanation:** The ASA designation signifies excellence and professionalism, indicating the appraiser meets high standards of expertise, education, and ethical practice. ### Who offers the ASA designation? - [ ] National Association of Realtors - [x] American Society of Appraisers - [ ] Federal Housing Administration - [ ] Institute of Real Estate Management > **Explanation:** The ASA designation is offered by the American Society of Appraisers, a professional association dedicated to the appraisal profession. ### What is a requirement to maintain the ASA designation? - [ ] Passing an exam every three years - [x] Continuous education and ethical standards adherence - [ ] Getting reassessed by the state - [ ] Paying an annual membership fee > **Explanation:** ASA designees must adhere to continuous education and ethical standards to maintain their credentials. ### Which field is NOT covered by an ASA designation? - [ ] Real Estate - [x] Veterinary Medicine - [ ] Business Valuation - [ ] Fine Arts > **Explanation:** The ASA designation covers multiple fields, including real estate, business valuation, and fine arts, but not veterinary medicine. ### Can an ASA appraiser hold designations in multiple disciplines? - [x] Yes, provided they meet requirements for each - [ ] No, only one designation is allowed - [ ] Only if they have been an appraiser for 20 years - [ ] Only in the field of real estate > **Explanation:** An appraiser can earn multiple designations in different disciplines offered by the ASA, as long as they fulfill the criteria for each. ### Which document must candidates submit for ASA designation? - [x] Demonstration reports - [ ] Bank statements - [ ] Personal tax returns - [ ] Letters of recommendation > **Explanation:** Candidates seeking the ASA designation must submit and get approval for demonstration reports to prove their expertise. ### What does ASA stand for? - [ ] American Survey Association - [x] American Society of Appraisers - [ ] Appraisers and Surveyors Association - [ ] Appraisal Society of America > **Explanation:** ASA stands for the American Society of Appraisers. ### How globally recognized is the ASA designation? - [ ] It is only recognized in the USA - [ ] It is slowly gaining international recognition - [x] It is globally recognized and esteemed - [ ] Only in North America > **Explanation:** The ASA designation is recognized globally and esteemed in the international appraisal community. ### What type of appraisals does the ASA not cover? - [ ] Urban real estate - [ ] Business valuation - [ ] Fine arts - [x] Personal health assessments > **Explanation:** ASA appraisals cover various fields like urban real estate, business valuation, and fine arts, but not personal health assessments. ### Where can you find more information about obtaining an ASA designation? - [ ] Local library - [ ] County records office - [x] ASA's official website - [ ] Social media > **Explanation:** More information about obtaining an ASA designation can be found on the ASA's official website.