The express purpose of the association is to provide a professional appraisal society representing all aspects of the machinery and equipment industries. Actual market experience is a requirement for all appraiser members. The majority of our work utilizes the market approach, as we believe it to be the truest reflection of value in our discipline.
The Equipment Appraisers Association of North America was incorporated May 18, 1990, in Pennsylvania with 15 Charter Members all involved in the construction and mining industry. In 1995 we extended membership to all disciplines of machinery and equipment and the Association is now international with over 120 members. In 1997 we adopted the Uniform Standards of Professional Appraisal Practice (USPAP) as the standard of practice for our members, adopted a Code of Ethics, revised our membership requirements and established designations for members. EANA was accepted as a member of The Appraisal Foundation Advisory Council (TAFAC) in 1999.
Our membership is comprised of appraisers, auctioneers, dealers and financiers. Collaboration within the Association enables members to provide comprehensive appraisal service to the industry. Let our experience go to work for you today!
EANA members are bound through the EANA Code of Ethics to conduct themselves in an honest and ethical manner. This is what sets EANA members apart from other machinery dealers. When you buy from, or sell to, an EANA dealer, you can be sure that you will be treated with the utmost trust and integrity throughout a transaction.
Carry out the spirit and letter of all agreements and contracts in which he engages.
Honor every option that is provided to a prospective buyer.
Advise prospective customers of conditions and circumstances of sale when offering customer-owned machinery and equipment through a brokerage arrangement.
Respond to inquiries, advertise, and offer machinery and equipment as accurately as he is able as per:
Name of Manufacturer, Serial Number, Condition, Specifications & Adherence to standard industry terms and definitions
Accept within 30 days from shipment any machinery and equipment sold with return privilege, freight prepaid, for refund of the purchase price if proven mechanically unsatisfactory; or repair at dealer’s option.
Provide an opinion of value that is unbiased and objective. Clients must be fully informed of any interest by the appraiser in the items to be appraised.
Be clear and precise concerning the scope of the appraisal and tasks to be preformed.
All agreements must be in writing, approved and signed by all contracting parties before the assignment starts.
Understand and recognize the fiduciary relationships which exist between the client and the appraiser. Confidentiality must be highly regarded and protected.
Base compensation paid for an appraisal on the nature and scope of same.
Conduct all appraisal assignments as if they were going to be tested by a court of law.
Base opinion value on the facts of the inspection and/or review of information provided, backed by documented research and experience in the marketplace.
Any member found to have provided an opinion of value as instructed by a client or an agent of the client or any other interested party shall be barred from the Association for life.
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