ISA CAPP study plan
ISA CAPP · Give each week a clear focus.
8 weeks · About 6 hours per week
Personal property appraisal theory and methodology & USPAP standards and ethics
Define the three approaches to value (cost, sales comparison, income) and list the conditions under which each is most reliable for personal property.
Explain the difference between replacement cost new and reproduction cost new, and identify when each is appropriate.
Summarize the USPAP definitions of appraisal, appraisal review, and appraisal consulting, and distinguish an appraisal from a valuation service.
Outline the USPAP record-keeping rule and the workfile requirements for a personal property appraisal.
Your checkpoint
Create a one-page comparison chart of the three approaches to value with at least two personal-property examples per approach, plus a 200-word summary of how USPAP defines an appraisal versus a valuation service.
USPAP standards and ethics & Personal property appraisal theory and methodology
Identify the six USPAP ethical obligations (impartiality, objectivity, independence, etc.) and give a personal-property scenario illustrating a violation of each.
Describe the competency rule and the steps an appraiser must take when lacking competency for an assignment.
Explain the jurisdictional exception and provide an example relevant to personal property.
Differentiate between an appraisal and an appraisal review under USPAP, including the scope of work required for each.
Your checkpoint
Write a 500-word case study of a personal-property assignment that raises at least three USPAP ethical or competency issues, and explain how each should be resolved.
Personal property appraisal theory and methodology & Appraisal report writing standards
Apply the sales comparison approach to a personal-property item by selecting and adjusting at least three comparable sales.
Calculate depreciation using the breakdown method (physical, functional, external) for a personal-property item.
Draft a scope-of-work section for a personal-property appraisal that identifies the intended use, intended users, and relevant characteristics.
Explain the difference between an intended user and an unintended user, and why this distinction matters in report writing.
Your checkpoint
Produce a sample appraisal report section (600–800 words) that includes a scope-of-work statement, a sales comparison grid with adjustments, and a depreciation calculation for one item.
Appraisal report writing standards & USPAP standards and ethics
Identify the required elements of a USPAP-compliant personal property appraisal report under the reporting standards.
Compare the minimum reporting requirements for a restricted-use report versus an appraisal report.
Draft a certification statement that meets USPAP requirements for a personal-property appraisal.
Explain the difference between an extraordinary assumption and a hypothetical condition, and give a personal-property example of each.
Your checkpoint
Assemble a complete mock appraisal report (1,200–1,500 words) for a single personal-property item, including all required USPAP sections, a certification, and a statement of assumptions and limiting conditions.
Declared specialty market knowledge and advanced appraisal skills & Personal property appraisal theory and methodology
Select a declared specialty (e.g., fine art, antiques, jewelry, or machinery) and list the market data sources and value drivers specific to that specialty.
Apply the appropriate valuation approach to an item in the chosen specialty and justify the choice.
Explain how market level, scarcity, condition, and provenance affect value in the chosen specialty.
Identify at least three common pitfalls in appraising items within the chosen specialty.
Your checkpoint
Create a specialty market profile (500–700 words) that includes key value drivers, data sources, and a sample valuation of one item using the most appropriate approach.
Declared specialty market knowledge and advanced appraisal skills & Appraisal report writing standards
Analyze a complex personal-property appraisal scenario (e.g., a collection with mixed categories) and determine the scope of work and data-collection plan.
Draft a report section that explains and supports the reconciliation of value indications from multiple approaches.
Evaluate the quality of a peer's sample report section against USPAP reporting standards and provide written feedback.
Revise your own sample report based on feedback to improve clarity, support, and compliance.
Your checkpoint
Submit a revised appraisal report section (800–1,000 words) that includes a reconciliation of value and a response to at least three peer-review comments.
USPAP standards and ethics & Appraisal report writing standards
Identify and correct at least five common USPAP violations in a provided sample appraisal report.
Explain the appraiser's obligations when asked to appraise an item with uncertain ownership or provenance.
Draft a scope-of-work statement for an appraisal review assignment and describe the review process.
Summarize the record-keeping requirements and retention period for workfiles under USPAP.
Your checkpoint
Complete a mock appraisal review (600–800 words) of a sample personal-property report, citing specific USPAP standards and identifying at least three deficiencies with recommended corrections.
Personal property appraisal theory and methodology & USPAP standards and ethics & Appraisal report writing standards & Declared specialty market knowledge and advanced appraisal skills
Synthesize the three approaches to value, USPAP requirements, and specialty knowledge into a complete appraisal assignment.
Demonstrate competency in selecting and applying the appropriate valuation methodology for a personal-property item.
Produce a fully compliant appraisal report that meets all USPAP reporting requirements.
Self-assess readiness by scoring at least 80% on a comprehensive practice exam covering all four domains.
Your checkpoint
Submit a complete, USPAP-compliant appraisal report (1,500–2,000 words) for a personal-property item in your declared specialty, including all required sections, and a reflection on areas for further study.
Milestones
Week 2: Score at least 75% on a 20-question quiz covering appraisal theory and USPAP ethics, and correctly explain the competency rule and jurisdictional exception in writing.
Week 4: Complete a mock appraisal report that passes a self-check against a USPAP reporting checklist with no more than two minor omissions.
Week 6: Successfully reconcile value indications from at least two approaches in a complex scenario and incorporate peer feedback into a revised report section.
Week 8: Achieve at least 80% on a 50-question comprehensive practice exam and submit a final appraisal report that meets all USPAP requirements.