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History of the Foundation

BACKGROUND

In the early 1980's, the crisis in the savings and loan industry highlighted the need to improve appraisal practices throughout the United States. The difficulties and losses experienced by many lending institutions illustrated the importance of ensuring that appraisals are based upon established, recognized standards, free from outside pressures.

In 1986, nine leading professional appraisal organizations in the United States and Canada to form the Ad Hoc Committee on the Uniform Standards of Professional Appraisal Practice. Agreeing upon a generally accepted set of standards, the eight United States committee members adopted those standards and thereafter established The Appraisal Foundation in 1987 to implement the Uniform Standards of Professional Appraisal Practice. The Appraiser Qualifications Board was included in the Foundation structure to develop and promote meaningful criteria by which the competence of appraisers could be measured. The Uniform Standards of Professional Appraisal Practice was adopted by the Appraisal Standards Board of the Foundation on January 30, 1989 and is recognized throughout the United States as the generally accepted standards of professional appraisal practice.

The work of the Foundation is important to all disciplines of the appraisal profession as well as to the consumer public. The work of the Foundation benefits the appraisal profession by functioning to increase the quality of appraisals and by addressing issues critical to the advancement professional valuation. Users of appraisal services and consumers can feel confident that the Foundation is working to serve their needs and help protect their financial well-being.

The Appraisal Foundation is composed of other organizations. There are no individual members of the Foundation. Today, through Sponsoring Organizations and Advisory Councils, over eighty organizations, corporations and government agencies are affiliated with The Appraisal Foundation.

RESPONSIBILITIES

Headquartered in Washington, DC, the Foundation is directed by a Board of Trustees. The Board of Trustees appoints members to and provides financial support and oversight of the three independent Boards:  the APB, the AQB and the ASB.

With the 1989 enactment of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), Congress gave the AQB and ASB considerable responsibilities.

Appraiser Qualifications Board (AQB)

The AQB establishes the qualification criteria for state licensing, certification and recertification of appraisers. FIRREA mandates that all state certified appraisers must meet the minimum education, experience and examination requirements promulgated by the AQB. The AQB has also developed voluntary criteria for personal property appraisers.

Appraisal Standards Board (ASB)

The ASB sets forth the rules for developing an appraisal and reporting its results. In addition, it promotes the use, understanding and enforcement of the Uniform Standards of Professional Appraisal Practice (USPAP).

FIRREA requires that real estate appraisals used in conjunction with federally-related transactions be performed in accordance with USPAP. More than 80,000 state certified and licensed appraisers are currently required to adhere to USPAP. USPAP contains the recognized standards of practice for real estate, personal property and business appraisal.

The authority of USPAP extends beyond FIRREA. Since 1992, the Office of Management and Budget (OMB) has required federal land acquisition and direct lending agencies to use appraisals in conformance with USPAP.

Appraisal Practices Board (APB)

The APB was officially formed by The Appraisal Foundation Board of Trustees on July 1, 2010. The APB has been charged with the responsibility of identifying and issuing opinions on recognized valuation methods and techniques, which may apply to all disciplines within the appraisal profession. The APB will offer voluntary guidance in topic areas which appraisers and users of appraisal services feel are the most needed. From the APB’s perspective, compliance with all guidance issued by the APB will be entirely voluntary. The APB represents the combined judgment of leading valuation professionals and is composed of five to seven members who can serve up to eight years on the Board.

You will find more detailed information regarding the work of The Appraisal Foundation, the Appraisal Standards Board, the Appraiser Qualifications Board and the Appraisal Practices Board on this web site. Please contact the Foundation at info@appraisalfoundation.org for more information regarding any topic discussed on this web page.


 

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