(The following release, which appeared in the April 3 edition, is being reprinted because an incorrect last name was used in the headline, and the contact information was inadvertently omitted.)

Debra Rhodes Smith, owner of Debra Rhodes Fine Art Services, has completed and passed the Uniform Standards of Professional Appraisal Practice, offered by the Appraisers Association of America.

To maintain the highest standards in her role as a fine art appraiser, she successfully completed a 15-hour course and examination on the Uniform Standards of Professional Appraisal Practice (USPAP), the congressionally recognized set of appraisal standards promulgated by the Appraisal Foundation.

Completed in February, it is effective through February 2014. This is significant, she said. Appraisals performed in accordance with USPAP meet the standards of the IRS and courts as expert witness, she said in a news release.

Clients can have the confidence that they are working with a professional with the highest ethical standards, and confidentiality is maintained, she said.

The IRS requires appraisals for reasons such as charitable donations of a certain value, estate resolution and bankruptcy. Non-IRS appraisals are also executed for insurance purposes, potential resale value and equitable distribution.

Some of the financial problems today were caused by improper appraisals, which affected collateral values for banking and real estate decisions, according to her news release.

In addition, many people are drawn into transactions with dealers who conduct valuations and simultaneously offer to buy an object. This is not ethical, according to Rhodes. The owner of the object most likely will not be receiving an impartial valuation.

To receive the proper valuation, the purpose of the appraisal must be established. For clients in need of appraisals for insurance purposes, rates are based on replacement value (the highest value in U.S. dollars to replace the property with an identical or comparable item).

An insurance company will usually require updated appraisals on existing policies as the market changes. Valuations fluctuate and it is no more prevalent than today.

Asset management is also important for estate planning, equitable distribution, potential sale of assets and charitable donations, the news release said. The valuation for this appraisal is fair market value.

Many times collectors do not understand this difference and understanding of the secondary market. There can be a large variance to the value of the same item. For potential resale value, it is best to receive an appraisal by an independent agent with no personal interest in the item, Rhodes said in the news release.

In addition to being an appraiser, Smith has been compiling art collections for corporations, hospitality and private collectors since 1977. She began with HMK Fine Arts in 1977 and started Debra Rhodes Fine Art Services in 1981. She also was the director of marketing for Bruce McGaw Graphics for three years in the late 1990s before moving to North Carolina and continuing her company and role as an art adviser.

For a member of the Appraisers Association of America since 1991, the association requires this exam every five years.

She is a graduate of the NYU Continuing Education program, Appraisal Studies in Fine and Decorative Arts, in 1991. She graduated from Alfred University in 1975 with a bachelor's degree in business administration, with a minor in art.

Debra Rhodes Fine Arts Services is at 57 Pinewild Drive Pinehurst. She can be reached by phone at 255-0570 or by e-mail at drhodessmith@nc.rr.com. More information is also available online at www.debrarhodesfineartservices.com or www.debrarhodessmithartappraiser.com