The Appraisal Foundation

The Appraisal Foundation (Foundation), located in Washington, D.C., was formed in 1987 by eight major appraisal organizations (see History below) to help regulate the appraisal profession within the Unites States of America. It is composed of two separate and independent boards:

• The Appraisal Standards Board (ASB) establishes the generally accepted standards of the valuation profession which is known as the Uniform Standards of Professional Appraisal Practice (USPAP).

• The Appraiser Qualifications Board (AQB) establishes the minimum education, experience and examination criteria for appraisers which is known as Appraiser Qualification Criteria (AQS).

In addition, the Foundation is also responsible for administering and distributing information on USPAP and AQC to the appraisal profession, state and federal government agencies, users of appraisal services (such as banks and S&Ls) and the general public.

As mandated by federal law, the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), said Act established the Appraisal Subcommittee (ASC) within the Examination Council of the Federal Financial Institutions Examination Council (FFIEC). In turn, the ASC is charged with the responsibility of overseeing the Foundation, which "is a private, not-for-profit corporation charged by Title XI with the responsibility of establishing, improving and promoting minimum uniform appraisal standards and appraiser qualifications criteria".

History

In 1986, nine leading professional appraisal organizations in the United States and Canada agreed to form the Ad Hoc Committee on the USPAP. These nine groups were:

• Appraisal Institute of Canada
• American Institute of Real estate Appraisers (AIREA) - - in 1991, AIREA and Society merge together under the new name Appraisal Institute
• American Society of Appraisers
• American Society of Farm Managers and Rural Appraisers
• International Association of Assessing Officers
• International Right of Way Association
• National Association of Independent Fee Appraisers
• National Society of Real Estate Appraisers
• Society of Real Estate Appraisers (Society) - - in 1991, the Society and AIREA merge together under the new name Appraisal Institute

In 1987, agreeing upon a generally accepted set of standards, the eight United States committee members adopted those standards and thereafter established the Foundation in 1987 to implement the USPAP. The AQB was included in the Foundation structure to develop and promote meaningful criteria by which the competence of appraisers could be measured. The USPAP was adopted by the ASB of the Foundation on January 30, 1989 and is recognized throughout the United States as the generally accepted standards of professional appraisal practice.

Sources

• The Appraisal Foundation - Introduction
• Appraisal Subcommittee, Federal Financial Institutions Examination Council

External links

• Appraisal Foundation
• Appraisal Subcommittee, Federal Financial Institutions Examination Council
• The Appraisal Foundation, Appraisal Subcommittee, Federal Financial Institutions Examination Council
• Financial Institutions Reform Recovery and Enforcement Act of 1989