William M. Novotny ISA AM
Personal Property Appraiser
• act competently and ethically,
• properly identify and understand your valuation problem,
• determine and perform the scope of work necessary to solve your problem,
• determine the applicable value definition and research the appropriate market level,
• develop supportable personal property value opinions and conclusions worthy of your belief that address and answer the appraisal problem posed by you relevant to your intended use and the needs of intended users that you identify,
• properly report his personal property value opinions, analyses and conclusions in a meaningful manner that is relevant, complete, easily understandable and not misleading, and
• have a signed USPAP Certification statement in an assignment workfile preserved for 5 years.
• NOT BUY. He has no interest in purchasing an object you wish to sell. Such interest would be perceived as a conflict.
Large Loss Appraisals (LLA) Statistical Methodology Saves Cost and Time
Novotny has recently entered into a partnership with Dave Maloney and Richard Holgate to form Large Loss Appraisals, LLC (LLA). This new partnership was formed to provide a statistical solution for very large personal property losses cost effectively and within a limited time frame. LLA offers a statistical solution which was developed, with the assistance of statisticians and a database expert. LLA can now offer a statistical methodology that can value all subject properties based on a sample of equivalent subject property types randomly selected for appraisal from a population of subject personal property objects that are subject to a valuation dispute. LLA offers clients substantial savings while providing credible valuation results having a 95% level of confidence that the projected values are within 10% of their true value.
Novotny will soon publish two groundbreaking papers that explain the basic underlying constructs that establish a basis for how and why a statistical solution is reliable, credible and supported by powerful mathematical indicators that support the confidence and error intervals claimed. One of the papers will be coauthored by a statistician. After a year of independent publication in an appraisal journal that has invited these two papers they will be available for review on this website. Please note that there are now related articles published on this website, two of which were also previously published in the Journal of Advanced Appraisal Studies. Please click on the "PUBLICATIONS" button above to review these important papers which provide relevant background material that provide a basis for the statistical approach to work.
Large Loss Appraisals can solve large loss valuation problems with the lowest cost, fastest turnaround time and the first mathematically established level of reliability that has ever been offered. FIND OUT MORE!
General European Asian and American Historic and some Contemporary Objects
Novotny uses highly experienced and knowledgeable experts as needed. As often as not he has had experience with an equivalent or comparable property type, based on past buying, selling or researching, and has a basic understanding of how it performs in the relevant market. He may not, however, always be able to identify every critical value element for each unique property type. It is an important scope of work decision as to when to consult an expert that has the required knowledge regarding a subject properties characteristics. The appraiser must follow the appraisal process and do whatever is necessary to develop credible assignment results.
All personal property and antiques appraisal reports, whether written or oral, must be credible, meaningful, appropriate, complete and relevant to intended use. Some examples of intended use include:
Dissolution of Marriage
Inventory DocumentationComplex and Challenging Assignments
Learn more about the types of assignments or intended use for an appraisal.
Locating the most experienced and qualified general personal property and antiques appraiser for your valuation problem and property type should be your primary objective. For a large urban area such as Los Angeles and Orange County travel time is usually under an hour or less. Novotny's travel fee is not cost prohibitive. Novotny is one of the most experienced, competent, qualified and ethical general personal property appraisers in Southern California. He has valued most types of personal property on a full time basis since 1979.
Some of the assignment types and intended uses listed above, such as IRS Tax Appraisals, would require a formally written appraisal report developed in compliance with USPAP. The development of formal appraisal reports involves diligence and care and billable time.
In 1987 the Appraisal Foundation (TAF) was authorized by Congress to be the source of minimum appraisal standards (USPAP) and appraiser qualifications. Since then each state is required to implement these minimum standards and qualifications whenever an appraiser is licensed. The Uniform Standards of Professional Appraisal Practice (USPAP) is recognized and embraced by Congress, regulators, government agencies, the IRS, the courts and the insurance and banking industry. USPAP establishes the minimum standards for all appraisers. Compliance with USPAP is necessary to establish a basis for trust between the appraiser and the client. Clients have a reason to invest their trust in the appraiser when the appraiser complies with USPAP while following the appraisal process.
The Appraiser Qualifications Board (AQB) USPAP Instructor Certification Program was implemented in February 2002 to certify USPAP Instructors to properly teach the Uniform Standards of Professional Appraisal Practice (USPAP). Since January 1, 2003, only AQB Certified USPAP Instructors have been permitted to teach the National USPAP Courses (15-hour and 7-hour courses) that are required of appraisers. There are just over 500 certified instructors, mostly in real estate. Every real property appraiser must take and pass the 15-hour USPAP and 7-Hour Update to be state licensed to appraise.
Personal property and antiques appraisers are not licensed or regulated in California, nor in any other state. Any person can represent that they are an appraisal expert and to have the valuation knowledge possessed by appraisers. Many lack training in appraisal theory, methodology and report writing. Many lack the required knowledge and experience that is necessary to develop and report credible valuation assignment results. Many are unfamiliar with USPAP, which is the minimum standards necessary to support appraiser credibility. Check credentials carefully before hiring an appraiser.Accredited membership in a recognized professional personal property appraisal society will establish that an appraiser has met the professional association's minimum experience, training and educational requirements. Professional societies and associations require their members to comply with USPAP and abide by their ethical and report writing standards. Appraisers without such membership are less likely to understand the appraisal problem and solution and are often ill equipped to provide credible opinions, analyses and conclusions. Novotny has been an accredited member of ANA since 1993 and ISA since 1996.
Novotny often provides onsite sales of antiques, household goods or residential contents that includes all types of personal property that require liquidation. When acting in the role of Estate Sale Agent he is no longer acting as an appraiser but uses many of the same skills that are required to property price property for sale.
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