Aircraft Valuation - In our previous article we provided 4 important things to know before getting an appraisal. Hiring an accredited assessor is critical and there are only 3 major accrediting bodies for aircraft assessors. The next reasonable question is, which firm's appraiser is best for your appraisal?
ASA has existed since 1936 and is one of the founding members of the Appraisal Institute, which creates and disseminates the Uniform Standards of Professional Appraisal Practice (USPAP), a congressionally approved guideline for appraisal development and reporting. Today, the ASA is the largest, multi-disciplinary, not-for-profit appraisal organization and its members are recognized worldwide as cornerstones of ethical and professional appraisal practice.
Aircraft Valuation
ASA has a special program for flight evaluators taught in conjunction with Embry-Riddle Aeronautical University. ASA requires successful completion of 4 principals of assessment courses totaling 120 classroom hours, each with an examination component on understanding aircraft systems, finance and assessment methodology. Candidates must then submit verifiable evidence of experience in the field of aviation assessment, a 4-year college degree and an assessment report reviewed by an international board of examiners. Once accredited, ASA appraisers must adhere to USPAP and ASA's Code of Conduct. Evaluators must complete the 120 hour continuing education requirement every 5 years, proof of which must be submitted to the Society. Flight level assessors hold their designations in the ASA.
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ISTAT was founded in 1983 as a non-profit educational and networking organization for professionals working in the transportation aircraft business. Since then, ISTAT has developed an evaluator education and credentialing program for the evaluation of transport class aircraft (think: aircraft, passenger, etc... ). ISTAT has different levels of credentials, each requiring a different level of experience and testing. At a minimum, ISTAT evaluators must have 2 years of full-time evaluation experience, pass a series of tests, provide proof of a 4-year college degree (or equivalent), and provide a peer-reviewed evaluation. Management Board. After credentialing, evaluators must complete continuing education.
PAAO was created out of the remnants of the now defunct National Aircraft Appraisers Association (NAAA). PAAO was established in late 2018 and currently only accepts assessor membership from former NAAA assessors. NAAA certifies assessors with varying levels of experience in aviation previously and after attending personal training courses. PAAO is currently working on an educational pathway for future assessors, but it does not exist at the time of writing. PAAO states that its members must adhere to a social code of conduct and that its members must adhere to USPAP development and reporting guidelines when evaluating "turbine" aircraft. There is currently limited information on what requirements are met for incoming applicants and what is required for re-accreditation.
It is important to understand the type of appraiser the client hires as this can influence the credibility of the report given. An evaluator limited to piston aircraft evaluation is not a good match for Gulfstream evaluation. Knowing the insights of various organizations will enable you to make well-informed and smart decisions. When money and property are on the line, mistakes can be disastrous.
We believe the ASA has the highest standards for their credentialing assessors. It is not only the oldest of the evaluation institutes but also multidisciplinary; Ensuring that appraisers from all sectors are connected and have a pulse on not only their industry but the economy and the overall appraisal environment. Rigorous education, testing, credentialing and continuing education requirements are recognized as the gold standard worldwide. Flight Level is proud to have two ASA-accredited flight assessors.
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