There are two organisations which are nationally recognised in the aircraft appraisal industry. One organisation is the American Society of Appraisers (ASA) and the National Aircraft Appraiser Association (NAAA). The NAAA is the oldest and the largest organisation which is focused exclusively on evaluating and documenting the aircraft to determine the actual selling price of the aircraft. Here are some of the factors which you need to know before you make an informed decision of hiring an aircraft appraiser.
Membership and certification
There are many requirements for membership in the association, and the association certifies its members by the people who possess the knowledge, skill and experience to appraise an aircraft with a little value. According to the NAAA, you must have a background in aviation in order to join while making sure that you get training and get tested.
Standards and Ethics
Failing to adhere to the standards and ethics can put in trouble as people follow the unbiased nature of the appraiser, which can have a final opinion of value. The standards and ethics can be questioned can become more and more critical when dealing with higher-end aircraft, which needs to be addressed through the legal system. The appraiser needs to have a background in training, credibility and can provide for professional representation from now and in the future.
Peer review is one of the best ways where the small number of people enforce their ethical standards and can stand recognised from the association. In the case of USPAP, the appraisal foundation itself has no enforcement, which generally relies on the certifying agency to appraise the ethical standards. There is an NAAA established committee which allows one to address business and appraise ethical issues which can allow one to have an issue.
The training needs to properly appraised as it can only be provided with the association itself and can have some type of training program which needs to be educated to ensure that reliable, accurate and creditable reports is delivered to clients. The NAAA has set many training programs for its members which include hands-on training programs which can last for a few days in training and testing.
The report itself
There are very few people who read the report that they have paid for, which includes hiring an appraiser which requires sample reports and review its contents. The report contains a detailed description of the value of the aircraft. The statement indicates the appraiser has no interest in the subject and no connection to a subsequent deal. It also contains signature on the reports which itself can attest to the value of the aircraft which can help you build a good record.