PP204 Personal Property Valuation: The Legal and Commercial Environments

2025 Personal Property Appraisal Summer Camp

To register for all four Personal Property Principles of Valuation classes (PP201, PP202, PP203, and PP204) and save $500, please click here.

Class Date/Time

Monday, August 25, 2025 - Friday, August 29, 2025
10:00am - 6:00pm Eastern US

Registration Includes

• One registrant log-in to the live sessions
• Electronic student materials

Class Format

PP204 is being presented online via Zoom and will be taught by a live instructor over the course of  three days with an exam on the fourth day. Students will meet virtually with the instructor over the internet and will engage in discussions, exercises, and post-session assignments.

Students will need to have their webcams enabled for the duration of the class.

Class Schedule 

All Times are Eastern US

Session 1 - Monday, August 25 - 10:00am - 6:00pm
Session 2 - Wednesday, August 27 - 10:00am - 6:00pm
Session 3 - Monday, August 29- 10:00am - 6:00pm
Exam Proctoring - Tuesday, September 2 - 10:00am - 1:00pm 

Please note: Partial credit will not be awarded for this offering. Students must participate in three (3) ive online sessions and pass the exam to complete the course and receive full credit. The sessions will not be recorded and/or made available after the class.

Continuing Education Credit

This class provides 28.8 ASA CE Instructional Hours and 3 Exam Hours.

Additional Information

ASA-accredited members (AM, ASA, FASA) who would like to attend this class will receive a 50% discount. This discount will be automatically applied at checkout.

Course Description

This course introduces students to compliance with laws and regulations in order for them to conduct their Personal Property appraisal practices. Using the information learned in the previous courses, participants expand their understanding of professional standards and the ethical requirements of an appraiser. The class allows students to utilize their analysis techniques for concluding Fair Market Value in an appraisal  assignment. Further insight into the auction market, the insurance industry, and how tort law affects appraisers is covered in this class. PP204 also examines the legal court precedents on which many appraisal practices and regulations are based.  As part of the class, students develop a Fair Market Value oral appraisal report for the property that they appraised in PP203.

Instructional Methods

Instructor will present material through lecture and PowerPoint as well as classroom exercises and group discussions. Overnight assignments will be given for review and discussion.

Course Audience

This course provides individuals wishing to become appraisers, or related professionals interested in augmenting their valuation skills, with the fourth course introducing the concepts necessary for appraisal practice. Candidates who have previously successfully completed this course and designated appraisers may wish to retake this course to stay informed about the current laws and regulations related to appraisal practice and Fair Market Value requirements.

Learning Outcomes

Upon completion of this course, students should be able to: 

• Explain how court cases that have established precedents in appraisal practice
• Demonstrate the expanded use of Fair Market Value
• Present an appraisal in comprehendible terms that work with the insurance industry
• Discuss the Ethical and professional standards in USPAP
• Cite the other functions of an appraiser
• Provide an expanded look/explanation of the auctions marketplace

Learning Level 

Fundamental 

Continuing Education and Contact Hours

28.8 ASA CE Instructional Hours and 3 Exam Hours

Prerequisites

Students must have successfully completed PP203 prior to registering for PP204.

Required Reading Prior to Class

ASA Monographs

Students should purchase, download, and read Monograph #13 from The Appraisal of Personal Property Monograph Series.

Monographs are available for purchase here. Please note: monographs must be downloaded within three (3) days of purchase.

USPAP

The current edition of the Uniform Standards of Professional Appraisal Practice (USPAP) and the USPAP Guidance and Reference Manual must be purchased and brought to class. Prior to class, students should read:

• The Ethics Rule - USPAP
• The Competency Rule - USPAP
• Advisory Opinions 21, 36, and 38 - USPAP Guidance and Reference Manual

ASA members can purchase the USPAP book here. Non-members can purchase the book directly from The Appraisal Foundation here.

The USPAP Guidance and Reference Manual can be purchased from The Appraisal Foundation here.

IRS Publications

Please download and review the following IRS documents:

• Publication 526
• Publication 561
• Form 8283 and its corresponding instructions

Additional Required Reading

Smith, Charles W. Auctions: The Social Construction of Value. University of California Press, 1990.

Recommended Reading

DuBoff, Leonard and Christy O. King. Art Law in a Nutshell. West Publishing Co., 1993

Spencer, Ronald D. The Expert versus the Object. Oxford University Press, 2004.

Walton, Kenneth. Fake: Forgery, Lies, and eBay. Simon Spotlight Entertainment, 2006.

Additional Useful Sources

Lerner, Ralph E. and Judith Bresler. Art Law. Practicing Law Institute.

Black's Law Dictionary. (Garner, Ed.)

Post-Class Assignment

In addition to the Fair Market Value oral appraisal report on the last day of class, after the class PP204 attendees will also need to complete a one to two-page market analysis for the object they appraised in PP203 and PP204. More information about both assignments, including assignment details and due date, is provided in class.

The final written market analysis must be completed and submitted to the instructor to pass the course.

eMaterials

All course materials included with your registration are PDF Download Only items made available to students prior to the start of the class and are not for resale or distribution. All downloadable materials are accessible via your education dashboard (login required). Once eMaterials have been posted for download, the class is no longer refundable.

Accessing eMaterials

eMaterials are provided electronically in PDF format and posted to the class within the Education Dashboard for all registrants to securely access prior to the start of the class. Attendees should come to class prepared with an electronic or printed copy of all eMaterials to use as a reference. OnDemand course registrants receive access to materials immediately following registration.

PDF course materials are presented in color, are bookmarked, and comment enabled. When opting to print downloaded materials, it is recommended that personal print settings be adjusted to print in black and white (or grayscale) and consider printing double-sided on recycled paper.

Certificate of Completion 

Please allow 5-10 business day following successful completion of the course or final exam to receive a formal status notification and access to a certificate of completion. The certificate will be available to view and/or download from within the class listed in your Education Dashboard.

Please read the following information in its entirety to ensure a successful exam experience. 

1. ASA requires the use of a PC/Mac/laptop with webcam capabilities in order to take your online exam. Mobile devices are not acceptable.
2. The day of your exam, please login to your online open examination session via the Zoom link/details within the Contents tab above. 
3. Make sure your webcam is on and that you are muted.
4. Your examination session will be monitored by an online proctor (either an ASA staff member or an instructor). This individual will provide you with their contact information should you need to reach them during the exam.
5. Your exam may be accessed via the class page on your dashboard.
6. PLEASE NOTE – You may not reference any of the course materials or classroom notes, nor may you access any websites or any other resources during the exam.
7. Lastly, ASA has transitioned to online exams to accommodate the continuation of learning. In the unlikely event you run into any technical issues or you are inadvertently kicked out of the exam, we STRONGLY recommend you keep a written record of all your answers on a separate piece of paper as you take the exam. In case there is an unforeseen issue, you will have your answers at the ready to reload into the exam software or to send to ASA via email as backu

Financial Assistance

ASA’s Educational Foundation recognizes students who choose to invest their time in appraisal studies by providing assistance to students demonstrating a financial need. Please visit the Educational Foundation's webpage for more information and to download an application.