Certified heavy equipment appraiser training requires a course in the Uniform Standards of Professional Appraisal Practice Guide (USPAP) and the passage of an examination. The class offers instruction on real and personal property appraisals.
Personal Property Appraisal
Heavy equipment is considered personal property. As of 2010, a professional license was not required to be a personal property appraiser in the United States or Canada. Appraising farm or construction equipment requires the assessment of current market value of similar items.
Online personal property appraisal training classes teach identification, documentation and research techniques. Typical course curriculum focuses on factors affecting the worth of personal property, methodology, completion of standard forms and maintenance and privacy rules governing records. Depending upon state rules, training may consist of six classes which take between 150 to 300 hours to complete. As of 2010, an average fee of $250 was charged per class. A high school diploma is required for course admission.
Applications and Evaluations
During the online appraisal course, students learn real world applications which many lending institutions and governmental agency require when hiring an appraiser. The overall condition of the heavy equipment factors heavily on the appraisal price. The original purchase price is not considered during the evaluation process.