The purpose of the PPS designation is to recognize professionalism and competency in the valuation of personal property for tax purposes.
IAAO members may use this designation in conjunction with the valuation of a wide range of personal property as it is customarily defined in their assessment jurisdiction in accordance with IAAO's commitment to excellence.
10.2.8.1 To qualify for the PPS designation, the following general requirements must be applicable on the date of sitting for the Master examination.
(a) The candidate must be an IAAO member and a candidate in the PPS program.
(b) The candidate must have at least three (3) years of experience in appraising any class of personal property or in administering a personal property valuation system.
(c) The candidate must have credit for five (5) educational courses.
(1) IAAO Course 101: Fundamentals of Real Property Appraisal
(2) IAAO Course 102: Income Approach to Valuation
(3) IAAO Course 500: Assessment of Personal Property
(4) Either IAAO course 151 or a Foundation approved two-day USPAP course if an IAAO designation candidate prior to January 1, 2003 or if an IAAO designation candidate after December 31, 2002 then either IAAO 151 or a Foundation approved two-day USPAP course and either IAAO 171 Standards of Professional Practice and Ethics or IAAO online Standard of Practice and Professional Ethics Supplement. Examination cannot be challenged.
(d) The candidate must have credit for additional course(s) and/or workshop(s) of at least forty (40) credit hours on appraising personal property. Non-IAAO courses/seminars/workshops may be credited towards the forty (40) credit hours if approved by the Professional Designations Subcommittee. In order for a course to count toward the PPS forty (40) hour requirement, it must consist of at least thirty (30) instructional hours and a final examination. Seminars/workshops must consist of a minimum of three (3) instructional hours with an examination preferred, but not compulsory. The candidate is required to include a syllabus of the course when requesting equivalent credit, except for courses that have been pre-approved.
August 16, 1996 Deleted “and equivalent course not accepted.”
July 17, 1998 Deleted 10 year requirement on course look back.
July 28, 2006 Deleted IAAO Workshop: Standards of Practice and Professional Ethics.
(e) The candidate must have satisfactorily completed either
(1) a personal property demonstration narrative appraisal report, using the recognized approaches to value, on a retail, service, or manufacturing business, or
(2) an eight-(8-) hour comprehensive case study examination. If the candidate does not successfully complete the case study requirement after two (2) attempts, a different project must be selected to fulfill this requirement.
August 2, 2002 Added the alternative of a case study examination and course 102.
January 17, 2003 Under first point added “narrative” to description of appraisal report.
(f) The candidate must pass a four- (4) hour PPS Master Examination. This examination can be given only after all other requirements have been met.
(g) Upon successfully completing the PPS Master Examination, the candidate must submit an affidavit attesting to experience before the designation can be conferred.
(h) The candidate must be a high school graduate or the equivalent.
April 17, 2010 Section 10.2.8.1 (C) (5) CHANGED to 10.2.8.1 (C) (4), Section 10.2.8.1 (C) (4) changed to 10.2.8.1 (d) and subsections (d) through (g) changed to (e) through (h), because subsection 10.2.8.1 (C) specifies the educational courses required while subsection 10.2.8.1 (d) is a general education requirement.
The Master Examination — PPS
The written master examination for the PPS designation is specific to the subject. It is a test of competence, testing the candidate's knowledge of the specific subject. The examination is given only after all general and specific requirements have been satisfactorily completed. The examination may be administered by a proctor at any location and on any date; it is preferred that the proctor be a CAE designee, or a designation holder in the specialty. However, the Professional Designations Subcommittee (PDS) may authorize a non-designee to proctor the examination. Proctors cannot be related to the candidate, nor may they proctor if there is any potential conflict of interest.
- An oral examination may be required at the discretion of the PDS.
- A candidate failing a master examination is permitted to retake it after thirty (30) days.