The Professional Aircraft Appraisal Organization (PAAO) was formed after the National Aircraft Appraisers Association (NAAA) ceased to exist at the end of 2018. Even though the NAAA is gone, the need for unbiased, trained aircraft professionals continued to exist in the industry along with the need to provide credible, reliable aircraft appraisal reports and consultants which meet or exceed industry requirements. As a result, a number of NAAA members formed a new organization that would keep much of the NAAA’s fundamental requirements including field visits and detailed signed reports which our clients have relied on for a number of years. The PAAO was established in an effort to serve the aviation community and those who finance aircraft.
The Professional Aircraft Appraisal Organization will offer foundational education for those wishing to enter the aircraft appraisal field by offering basic educational information about value specific areas of aircraft. Those with aircraft backgrounds may well find these areas are not always considered by simple paper projections of value thus the need for specific education in order to properly determine the value of each aircraft that is inspected by a professional appraiser. The PAAO will also be working to provide information and education to owners, operators, pilots, mechanics, flight schools, financial institutions, legal professionals, and the general public as to the value, importance, and need for a professional examination of each aircraft to determine the market value specific to each aircraft. On going education for existing appraisers will be done using the Uniform Standards of Professional Appraisal Practice. USPAP is the generally recognized ethical and performance standards for the appraisal profession in the United States. USPAP was adopted by Congress in 1989, and contains standards for all types of appraisal services, including real estate, personal property, business and mass appraisal. Aircraft certainly fall into the "personal property" standards. Read more on USPAP from The Appraisal Foundation