The Appraisal Foundation

The Appraisal Foundation (TAF)^[1] located in Washington, D.C., was formed in 1987 by eight major appraisal organizations (see History below) to promote professionalism in valuation in the United States of America. The Appraisal Foundation is governed by a Board of Trustees and is the parent organization of three 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 Real Property Appraiser Qualification Criteria (RPAQC).

• The Appraisal Practices Board (APB) is responsible for developing voluntary guidance in the form of Recognized Valuation Methods & Techniques. The APB is the Foundation's newest board, established in July 2010.

In addition, the Foundation is also responsible for administering and distributing information on USPAP and RPAQC 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)^[2] within the Examination Council of the Federal Financial Institutions Examination Council (FFIEC). ^[3] 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".^[4]

Contents 1 History 2 Current Sponsors 3 References 4 External links

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 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 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.

Current Sponsors

Much of the work of The Appraisal Foundation is supported through the professional input and financial assistance of Sponsoring Organizations. Currently, there are three types of Sponsors.

• Appraisal Sponsors are domestic non-profit organizations serving appraisers.
• Affiliate Sponsors are domestic non-profit organizations serving those with an interest in appraisal, primarily the users of appraisal services.
• International Appraisal Sponsors are non profit organizations based outside of the United States with an interest in professional valuation.

The current sponsors are: APPRAISAL SPONSORS

• American Society of Appraisers
• American Society of Farm Managers & Rural Appraisers
• Appraisers Association of America
• International Association of Assessing Officers
• Instituto de Evaluadores de Puerto Rico
• International Right of Way Association
• Massachusetts Board of Real Estate Appraisers
• National Association of Independent Fee Appraisers
• North Carolina Professional Appraisers Coalition

INTERNATIONAL APPRAISAL SPONSORS

• Royal Institution of Chartered Surveyors

AFFILIATE SPONSORS

• American Bankers Association
• Farm Credit Council
• Mortgage Insurance Companies of America
• National Association of Realtors

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References

1. ^ home page of the The Appraisal Foundation, a private, not-for-profit corporation
2. ^ home page of the Appraisal Subcommittee (ASC), a USA governmental agency
3. ^ home page of the Federal Financial Institutions Examination Council (FFIEC) , a USA governmental agency
4. ^ direct quote from web site of the Appraisal Subcommittee (ASC), a USA governmental agency

External links

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